The crypto market is currently experiencing volatility as Bitcoin approaches its fourth halving process this month. On Wednesday April 10, Bitcoin saw a 2.30% decrease, causing its value to fall to $66,147 (roughly Rs. 55 lakh) according to Gadgets360’s crypto price tracker. On international exchanges like Binance, Bitcoin is trading at a slightly higher price of $69,058 (roughly Rs. 57.4 lakh).
Rajagopal Menon, Vice President of WazirX, stated that the market demand for Bitcoin has been impacted by its fluctuating price and that the market is uncertain about potential rate cuts by the Fed. He also mentioned that the US CPI data will be a focal point for the market and could provide insights into the Fed’s decisions. Ether also saw a bigger loss than Bitcoin, with a 3.28% decrease, trading at $3,190 (roughly Rs. 2.65 lakh) in India and $3,514 (roughly Rs. 2.92 lakh) on Binance.
The CoinDCX team stated that Ethereum supporters are waiting for updates from the SEC regarding the possibility of an ETF, and that ETH needs to surpass and sustain above $3,650 (roughly Rs. 3.03 lakh) to regain bullish momentum. Other cryptocurrencies, including Tether, Binance Coin, Solana, Dogecoin, Cardano, Avalanche, Shiba Inu, and Polkadot, also experienced losses.
On Wednesday, Tron, Chainlink, Polygon, Litecoin, Uniswap, Leo, Cosmos, and Stellar also saw a decline in their prices. According to the CoinSwitch Markets Desk, meme coins such as WIF, PEPE, and DOGE were among the biggest losers, while the congested Solana network caused prices to drop below $170 (roughly Rs. 12,145).
Only a few altcoins, such as Ripple, Ripple Cash, Qtum, Iota, and Braintrust, saw profits on Wednesday. In the last 24 hours, the overall crypto market dropped by 3.22%, with a current valuation of $2.59 trillion (roughly Rs. 2,15,55,443 crore) according to CoinMarketCap.
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