Bitcoin is trading at $76,790 (roughly Rs. 65.7 lakh) on international exchanges.
The crypto market cap is at $2.45 trillion (roughly Rs. 2,09,83,788 crore)
Photo Credit: Pixabay/ WorldSpectrum
The overall crypto market is bleeding red as tariff wars between the US and other nations continue to rattle investor sentiment. Bitcoin on Monday, April 7 reflected a notable price drop of over eight percent on global exchanges. With this, Bitcoin's price on international exchanges fell to $76,790 (roughly Rs. 65.7 lakh) -- marking its lowest price point this year. On Indian exchanges as well, Bitcoin value dropped by nearly seven percent, dragging its price down to $80,895 (roughly Rs. 69.2 lakh).
"The crypto market faces adverse effects due to the uncertainty driven by new US trade tariffs, which have also led to a sharp decline in the stock markets. The Bitcoin price dropped below $80,000 (roughly Rs. 68.5 lakh). Most cryptos are facing double-digit losses, hinting at the beginning of a bear market. However, billionaire Mark Cuban advises not to sell as the markets tend to recover while the timeline remains unrestricted," the CoinDCX research team told Gadgets 360.
Ether clocked even bigger losses than Bitcoin over the last 24 hours on both national and international exchanges. At the time of writing, ETH was trading at $1,543 (roughly Rs. 1.32 lakh) on international exchanges with a loss of 14.7 percent. On Indian platforms, meanwhile, ETH price declined by around 13 percent, bringing its value to $1,630 (roughly Rs. 1.40 lakh).
"Global markets are facing a broad sell-off, which has spilled into crypto. Investor sentiment remains weak, with the Fear and Greed Index edging toward ‘Extreme Fear.' However, a potential bright spot lies ahead as US federal agencies are expected to disclose the US crypto holdings later today. A sizable confirmation could trigger a relief rally," said Edul Patel, Co-founder and CEO of Mudrex as commenting on the market situation.
The crypto price tracker by Gadgets 360 shows that the majority of altcoins are loss-bound on Monday.
These include cryptocurrencies like Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink.
Tron, Leo, Uniswap, Cronos, EOS Coin, and Bitcoin SV also trailed behind Bitcoin and Ether on the loss-side of the crypto charts.
The valuation of the crypto sector tumbled by 8.10 percent over the last 24 hours. With this, the crypto market cap has dipped to $2.45 trillion (roughly Rs. 2,09,83,788 crore), showed CoinMarketCap.
Stablecoins like Tether and Binance USD remained protected against the market volatility -- and reflected minor greens on the price charts.
"As futures on Wall Street dipped and 'Black Monday' repeat fears emerged, the coupling between traditional markets and crypto holdings becomes more visible. Incessant pressure emanating from worldwide financial anxiety and short-term sales may continue challenging Bitcoin's backbone as well as the overall marketplace's stability," Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
Analysts have advised investors to tread cautiously as volatility is likely to prevail over the next few days.
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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