The overall crypto market, including Bitcoin, did not see any major changes over the weekend. Volatility continues to obstruct profit streaks for several cryptocurrencies. Bitcoin, for instance, stepped into Monday, April 15 trading at a loss of 1.40 percent. The current price point of Bitcoin is at $62,897 (roughly Rs. 52.5 lakh) in India, as per Gadgets360’s crypto price tracker. On international exchanges such as Binance, BTC is trading at $67,320 (roughly Rs. 56 lakh).
In conversation with Gadgets360, Mudrex CEO Edul Patel said Bitcoin’s price dropped primarily due to increased liquidations and growing geopolitical tensions between Iran and Israel.
“Bitcoin seems to be range bound between $60,000 (roughly Rs. 50 lakh) and $73,000 (roughly Rs. 60.9 lakh). However, bulls are defending the $60,775 (roughly Rs. 50.7 lakh) level. The immediate support of Bitcoin lies at the $64,500 (roughly Rs. 53.8 lakh) level and the resistance is at the $67,900 (roughly Rs. 56.6 lakh) level,” Patel said.
Lesser number of cryptocurrencies saw price dips alongside BTC on Monday. These include Tether, Tron, Monero, Qtum, and Circuits of Value.
Ether showed some price growth over the weekend unlike Bitcoin. With a small gain of 3.93 percent, ETH is trading at $3,126 (roughly Rs. 2.60 lakh). Despite these minor profits that ETH has managed to reflect in the recent past days, the asset continues to be far away from its previously set all-time high of $4,500 (roughly Rs. 3.75 lakh) — that it had claimed in November 2021. On Binance, the value of ETH stands at $3,024 (roughly Rs. 2.52 lakh).
“Technical analysis of ETH (+7.3 percent) showcases a strong trend formation, indicating that the best is yet to come. Some analysts are even predicting ETH to cross $6,000 (roughly Rs. 5 lakh),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Majority cryptocurrencies trailed behind Ether on Monday and managed to see profits. These include Binance Coin, Solana, USD Coin, Ripple, Dogecoin, and Cardano.
Avalanche, Shiba Inu, Bitcoin Cash, Polkadot, Chainlink, Polygon, Litecoin, and Uniswap also recorded small gains.
The overall crypto market cap rose by 5.42 percent in the last 24 hours. The market valuation, as of Monday, stands at $2.37 trillion (roughly Rs. 2,840 crore), showed CoinMarketCap.
In other news, Bloomberg reported that BTC and ETH ETFs could soon launch in Hong Kong; even before the BTC halving event. This could potentially unlock up to $25 billion (roughly Rs. 2,08,583 crore) in demand, as per Matrixport, as investors from mainland China could potentially move billions through the Stock Connect program.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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