Bitcoin, Ether Register Losses as Market Volatility Continues to Shadow Price Charts


The volatile element of the crypto sector is nowhere near its end as many cryptocurrencies are still struggling to find a stable price point to trade. Bitcoin saw a loss of 0.33 percent on Wednesday, April 3. With this, its trading value has come down to $65,448 (about Rs 54.5 lakh). In the last 24 hours, the value of BTC has dropped by $654 (approximately Rs 54,546). This is the third consecutive day that the price of the most expensive crypto asset has declined.

“There has been a lot of negative sentiment and selling pressure around Bitcoin since the beginning of the quarter. First, the Fed announced on Tuesday and now plans to sell 51,680.33 BTC from the Silk Road seizure, valued at $3.4 billion by the US Government,” Shivam Thakral, CEO of ByuCoin, told Gadgets360.

Ether joined Bitcoin in recording losses on Wednesday. The asset is trading at a price point of $3,262 (approximately Rs 2.72 lakh) after a loss of 0.19 percent. Over the past day, the price of ETH has fallen by $8 (approximately Rs 667).

As the Bitcoin halving period approaches, the crypto market is experiencing volatility. Other macro-economic factors and developments in the industry are also increasing pricing uncertainty for crypto assets at the time, causing many to face losses.

On Wednesday, USD Coin, Ripple, Cardano, Avalanche and Polkadot – all showed losses on the price charts.

Price declines have also been recorded by Uniswap, LEO, Cosmos, Chronos and Stellar.

“The crypto market has entered another round of correction, with many of the top 10 cryptos by market capitalization trading in the red. Investor sentiment remains bullish on rising institutional demand for spot BTC ETFs and BTC halving expectations. The market is likely to see a short-term correction due to BTC's pre-halving retracement period. With investor sentiment at an elevated level, we could see another surge in crypto markets,” CoinSwitch Market Desk told Gadgets360.

The overall valuation of the crypto sector fell by 0.61 percent in the last 24 hours. With this, the figure has fallen to $2.49 trillion (approximately Rs 2,07,73,908 crore), CoinMarketCap showed.

Some cryptocurrencies that managed to see gains on Wednesday include Tether, Solana, Binance Coin, Dogecoin and Shiba Inu.

Other profit-making altcoins include Bitcoin Cash, Chainlink, Tron, Litecoin, and Near Protocol.

Market analysts advise investors to exercise caution before taking investment decisions.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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