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).
The crypto sector valuation currently stands at $2.59 trillion
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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.
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).
“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.
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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