Bitcoin Price Drops 1.23 Percent, Ether Value Dips as Crypto Market Reflects Mixed Sentiment

Bitcoin reached an intraday high of $104,782 (roughly Rs. 90.8 lakh), spurred by $15 million (roughly Rs. 130 crore) in short liquidations in the futures market.

Bitcoin price fell marginally on Friday as the prices of most cryptocurrencies reflected a mixed market sentiment. The asset was trading at $104,002 (roughly Rs. 90.1 lakh) on global crypto exchanges, after a 1.23 percent drop, as per CoinMarketCap. Bitcoin price also fell by less than two percent on Indian exchanges — the digital asset was trading at $105,486 (roughly Rs. 91.4 lakh) on BuyUcoin.

“Bitcoin reached an intraday high of $104,782 (roughly Rs. 90.8 lakh), spurred by $15 million (roughly Rs. 130 crore) in short liquidations in the futures market. However, the rally is not likely to sustain itself unless spot buying increases,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

Ether price also saw a marginal decrease on Friday. The asset was trading at $3,224 (roughly Rs. 2.79 lakh) on global crypto exchanges after a 1.03 percent drop, as per CoinMarketCap. On Indian exchanges such as Giottus and CoinDCX, ETH price dipped by 2.18 percent to trade at $3,357 (roughly Rs. 2.91 lakh).

“Ethereum continues to have an issue breaking through the $3,500 (roughly Rs. 3.03 lakh) level because of decreasing layer-2 activity and increased competition from other blockchains. But the Pectra upgrade and possible changes in regulation of Ethereum ETFs could support Ethereum,” Shekhar added.

According to the crypto price tracker by Gadgets 360, Bitcoin and Ether prices both fell on Friday. So did the prices of Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink.

Leo, Uniswap, Cronos, EOS Coin, and Bitcoin SV prices also dipped on Friday.

On the other hand, some crypto assets like Tether, USD Coin, Tron, Avalanche, and Stellar rose in value on Friday. Shiba Inu, Litecoin, Polkadot, Near Protocol, and Monero also showed minor gains.

“All eyes are on the ETH/BTC pair holding steady at 0.03 mark. If this level is not breached, we can see a mega altcoin rally very soon,” the CoinSwitch markets desk told Gadgets 360.

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