The crypto market is infamous for its volatility, that means, from riding high one day, the prices of cryptocurrencies can drop at any time, affected by the slightest changes in the market sentiment. After rallying with profits for days, Bitcoin recorded losses on Thursday, April 20. The trading value of the crypto asset dropped to $28,858 (roughly Rs. 23.7 lakh) after incurring a loss of 4.45 percent. In the last 24 hours, the oldest cryptocurrency lost $1,364 (roughly Rs. 1.12 lakh) in terms of its value.
Ether joined Bitcoin in reeling in losses on Thursday. As per Gadgets 360’s crypto price tracker, Ether slipped by 6.93 percent to trade at $1,947 (roughly Rs. 1.60 lakh). The second most valuable cryptocurrency after BTC, ETH lost $146 (roughly Rs. 11,998) of its value.
“Bitcoin and Ethereum, both fell after UK CPI for March came at 10.1 percent YoY, which is 0.3 percent more than the expectation signalling interest rate hike to continue in coming announcements,” the CoinDCX research team told Gadgets 360, explaining why the market suddenly slowed down.
On Thursday, the loss-making cryptocurrencies included Binance Coin, Ripple, Cardano, Polygon, Solana, and Polkadot.
Litecoin, Dogecoin, and Shiba Inu also registered dips.
The overall crypto market valuation fell by 4.70 percent in the last 24 hours. From the valuation of $1.27 trillion (roughly Rs. 1,04,48,534 crore) a day ago, the crypto market cap has fallen to $1.21 trillion (roughly Rs. 99,73,013 crore).
Only stablecoins like Tether, USD Coin, Binance USD alongside LEO, and Qtum recorded small profits.
Industry insiders remain hopeful that things will look up and stable for the crypto sector in the times to come.
“Institutional investors have shown renewed interest in crypto investment products, with total inflows over the past week reaching $114 million (roughly Rs. 937 crore), marking the fourth consecutive week of inflows and a total of $345 million (roughly Rs. 2,836 crore). Bitcoin, in particular, has captured investors’ attention, with inflows of $104 million (roughly Rs. 855 crore) last week, bringing its total four-week run to $310 million (roughly Rs. 2,548 crore). The growing interest in the flagship crypto may be a result of an ongoing flight to safety from investors fearful of the ongoing traditional finance challenges,” the CoinDCX team noted.
Rajagopal Menon, Vice President, WazirX, has also hinted that currently, the major market indicators point to a ‘sell’ sentiment amidst prices of BTC and ETH decreasing after a decent run in the last few weeks.
“While price correction of the tokens was anticipated after the growth period, the regulatory uncertainty in the US crypto ecosystem, rate hikes and changing monetary policy by the Feds have added to the woes of investors,” Menon told Gadgets 360.
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