Crypto Price Today: Bitcoin Briefly Hits $70,000 Mark, Halving-Related Volatility Keeps Market Slow

On international platforms like CoinMarketCap, the value of BTC touched the mark of $70,000 (roughly Rs. 58.2 lakh) and consolidated around $69,427 (roughly Rs. 57.7 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 April 2024 13:26 IST

Crypto Price Today: Bitcoin Briefly Hits $70,000 Mark, Halving-Related Volatility Keeps Market Slow

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The crypto sector valuation currently stands at $2.59 trillion

Highlights

Chainlink, Polygon saw losses
Leo Protocol, Litecoin saw losses
NEM, Iota saw gains

The crypto market reflected mixed sentiments on Monday, April 8 with more cryptocurrencies showing losses than profits. Bitcoin showed a miniscule gain of 0.03 percent on Gadgets360's crypto price tracker – taking its exchange value to $66,570 (roughly Rs. 55.4 lakh) in India. On international platforms like CoinMarketCap, the value of BTC touched the mark of $70,000 (roughly Rs. 58.2 lakh) and consolidated around $69,427 (roughly Rs. 57.7 lakh). With Bitcoin's fourth halving session just around the corner, the asset is expected to see some volatility.

“Bitcoin has shown 147 percent increase in the past one year. If Bitcoin continues to move up above the current threshold level, this might indicate a slight edge for bulls. The asset has been trading in a tight range for the past few days showing indecision. Bitcoin has still not acquired enough strength to make a sharp move,” Edul Patel, CEO of Mudrex told Gadgets360.

Losses have struck several cryptocurrencies as of Monday. These include Tether, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.

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Polkadot, Chainlink, Polygon, Litecoin, Near Protocol, and Uniswap also showed losses alongside BTC.

“BlackRock's addition of Goldman Sachs, Citigroup, UBS, and Citadel Securities as authorised participants for the iShares Bitcoin Trust has stirred significant volatility in BTC price over the weekend,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360. “Moreover, the US labour market continues to demonstrate resilience, with the government reporting the addition of 303,000 jobs last month. These figures indicate a robust economy, which typically results in higher inflation, increased interest rates, and a decline in risk assets including crypto.”

Despite the volatility, Ether managed to reel-in a profit of about a percent on Monday. At the time of writing, the value of ETH stands at $3,273 (roughly Rs. 2.72 lakh), showed Gadget360's crypto price tracker. As per CoinMarketCap however, the value of ETH stands at $3,426 (roughly Rs. 2.85 lakh).

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“In the last couple of days ETH showcased better performance compared to BTC, with the ETH/BTC pair showing a slight bounce. The key resistance level for ETH stands at $3,650 (roughly Rs. 3.03 lakh),” the CoinDCX research team told Gadgets360.

Bitcoin Cash, Tron, Monero, and Neo Coin also managed to see small gains alongside ETH.

The overall crypto market cap rose by 0.06 percent in the last 24 hours. The valuation of the sector currently stands at $2.59 trillion (roughly Rs. 2,15,68,846 crore), as per CoinMarketCap.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value, Cryptocurrency

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More