Bitcoin on Wednesday, April 16 reflected minor but notable losses on both national as well as international exchanges. The most expensive cryptocurrency fell by 2.60 percent on global platforms to trade at $83,350 (roughly Rs. 71.4 lakh), showed CoinMarketCap. Data on Indian exchanges like CoinDCX and CoinSwitch showed BTC trading at $86,150 (roughly Rs. 73.8 lakh) after dropping by 2.30 percent in the last 24 hours. The overall crypto market appeared sluggish on Wednesday as majority altcoins saw price corrections.
“Bitcoin’s price point sits under its 50- and 100-day moving averages. Whale accumulation, however. saw a rise, with the number of addresses holding between 1,000 and 10,000 BTC climbing to 2,014 from 1,944 since March 5. The dip in crypto markets mirrors a broader market pullback, as US equities edged lower — the Dow Jones fell 0.4 percent, the S&P 500 dropped 0.2 percent, and the Nasdaq slipped 0.1 percent,” the CoinSwitch Markets Desk told Gadgets 360.
Ether prices slipped by over four percent on global platforms, bringing its price to $1,573 (roughly Rs. 1.34 lakh). The asset saw bigger losses touching eight percent on Indian exchanges to trade at around $1,635 (roughly Rs. 1.40 lakh).
“ETH has been trading in a downtrend, over the past four months. Prices have plunged almost 65 percent from the high of $4,107 (roughly Rs. 3.50 lakh), reaching a low of $1,411 (roughly Rs. 1.20 lakh). On a daily time frame basis, we can see that volumes have surged to the $1,400 level. ETH has bounced nearly 20 percent from the recent low, reaching up to $1,691 (oughly Rs. 1.44 lakh). Ether’s key resistance for now stands at $1,750 (roughly Rs. 1.49 lakh),” said the ZebPay Trade Desk.
The crypto price tracker by Gadgets 360 showed majority cryptocurrencies reeling under losses.
These include Tether, Ripple, Solana, Dogecoin, USD Coin, Cardano, and Tron.
Chainlink, Leo, Avalanche, Stellar, Shiba Inu, Polkadot, and Uniswap also dropped in the last 24 hours.
The crypto market cap fell by 2.63 percent over the last day, reaching a valuation of $2.63 trillion (roughly Rs. 2,25,16,949 crore), as per CoinMarketCap.
“We view these dynamics as a reset, where strong hands are accumulating, and risk-on sentiment is slowly re-emerging. This sets the stage for potential medium-term upside, especially as derivatives markets reflect cautious but growing optimism,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.
Meanwhile, Monero, Polygon, Zcash, Iota, and Ardor held onto minor gains on the price charts on Wednesday.
“While institutional demand and strategic buying persist, the crypto space appears to be positioning itself for a possible rebound stating that in the face of uncertainty, conviction and long-term belief in the crypto market continues to guide investor behaviour,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
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