Bitcoin reflected losses alongside most cryptocurrencies on Wednesday, April 9. The asset dropped by four percent to trade at $76,538 (roughly Rs. 66.2 lakh) on global exchanges. On Indian exchanges as well, Bitcoin value slipped by nearly five percent, bringing its price between $78,494 (roughly Rs. 67.9 lakh) and $80,228 (roughly Rs. 69.4 lakh). The overall crypto market momentum has slowed down over the last few days owing to the heated trade tensions between the US and other nations.
“The US increased the tariff rates to 104 percent on China, which fueled the uncertainty among the market participants, as expected. Bitcoin price slumped hard and is about to drop below $75,000 (roughly Rs. 64.9 lakh) for the second time this week, raising alarms over the entire crypto market. Market sentiments become extremely fearful, hinting towards a potential bear market,” the CoinDCX research team told Gadgets 360.
Ether price tumbled by over eight percent in the last day and is trading at $1,455 (roughly Rs. 1.25 lakh) on global platforms. Ether also clocked notable losses of over nine percent on Indian exchanges to trade at around $1,509 (roughly Rs. 1.30 lakh).
“ETH has been trading in a downtrend over the past four months, plunging nearly 65 percent and making a recent low of $1,411 (roughly Rs. 1.22 lakh) and has formed a ‘Spinning Top’ candle, indicating indecision in the trend. The asset’s key support level is $1,500 (roughly Rs. 1.29 lakh),” said the ZebPay Trade Desk, predicting ETH’s price movement to be rangebound between $1,350 (roughly Rs. 1.16 lakh) and $2,150 (roughly Rs. 1.86 lakh).
The crypto price tracker by Gadgets 360 showed the majority of altcoins trading in losses on Wednesday. These include Ripple, Tether, Solana, Dogecoin, Cardano, and Tron.
Avalanche, Chainlink, Stellar, Polkadot, and Uniswap also succumbed to the market pressure and failed to see gains.
The overall crypto market cap dipped by five percent over the last 24 hours, showed CoinMarketCap. The sector valuation presently stands at $2.42 trillion (roughly Rs. 2,09,44,075 crore).
“Global trade tensions are now key drivers of digital asset volatility. With over $400 million (roughly Rs. 3,461 crore) in liquidations and shorts, making up 60 percent of open interest, investor sentiment has clearly turned cautious,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.
Meanwhile, a small number of altcoins did manage to retain small gains. These include Tether, Leo, Iota, and Qtum.
Analysts have strongly advised investors to be alert and vigilant with their investment decisions as markets are expected to remain choppy for the next few days, or even weeks.
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.
