Bitcoin Inches Close to $30,000 Mark After Four-Day Slump, Crypto Chart Shows More Gains Than Losses

Bitcoin, that stepped into the last week of April with lower prices, managed to bounce back to recovery after four days of losing ground. The cryptocurrency on Friday, April 28, recorded a gain of 1.22 percent to trade at $29,410 (roughly Rs. 24 lakh) on both, national as well as international exchanges. This is the closest Bitcoin has been this week to the mark of $30,000 (roughly Rs. 24.5 lakh). In the last 24 hours, the most expensive cryptocurrency rose by $452 (roughly Rs. 36,960) in value.

Ether incurred a small loss of 0.03 percent on Friday. The value of the second-most expensive cryptocurrency stood at $1,905 (roughly Rs. 1.55 lakh) at the time of writing, as per Gadgets 360's crypto price tracker.

“Investors and traders are now focusing on the upcoming FOMC interest rate decision next week. Bitcoin has managed to maintain its position due to concerns about banking instability. Its immediate resistance is $29,800 (roughly Rs. 24.3 lakh) and its support is $29,250 (Roughly Rs. 23.9 lakh),” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Majority altcoins that tumbled down the price ladder in the backdrop of Bitcoin's volatile movement this week, also managed to regain some profits.

USD Coin, Ripple, Cardano, Dogecoin, as well as Polygon registered profits on Friday.

Minor gains were also minted by Solana, Polkadot, Litecoin, Binance USD, and Tron.

“Investor sentiments seem to be more bullish than yesterday as the crypto fear and greed index has jumped five points from yesterday and stands at 64,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market valuation went up by 0.63 percent in the last 24 hours and is now at $1.21 trillion (roughly Rs. 99,00,546 crore).

Only a few altcoins recorded losses, which include Tether, Binance Coin, Shiba Inu, and Bitcoin Cash.

Industry insiders are confident that the coming times will be more Web3-friendly, which in-turn will make the crypto sector safer and more stable for investors to dabble in.

“Google Cloud has partnered with Polygon Labs to simplify the process of building, launching, and scaling Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain. Simultaneously, Franklin Templeton, the investment giant, has revealed that its FOBXX fund is now available on Ethereum via the layer 2 blockchain Polygon. The firm has emphasized that it recognizes the benefits of blockchain technology. Additionally, investors are looking forward to the upcoming Federal Open Market Committee (FOMC) meeting next week. General expectation revolves around another but last interest rate hike from the Feds amidst recession concerns,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

There are more developments taking place centred around the blockchain industry. In conversation with Gadgets 360, Indian exchange CoinDCX shared an observation that more traditional financial firms are adding blockchain technology to their offerings, indicating wider adoption by institutions.

Sharing an example, CoinDCX said, “Franklin Templeton, which manages $1.4 trillion (roughly Rs. 1,14,44,650 crore) in assets, announced on Wednesday that its OnChain U.S. Government Money Fund is now supported on the Polygon network, giving investors access to the Ethereum blockchain. The company stated that integrating blockchain technology into its system would result in operational efficiencies such as increased security, faster transaction processing, and reduced costs.”

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.