Crypto Market Slumps Friday; Bitcoin Loses Ground

The cryptocurrency market experienced losses on Friday, with Bitcoin trading at a 0.23% loss in India, and Ether down 0.45%. Other major cryptocurrencies, including Solana, Cardano, Ripple, and Shiba Inu, also saw declines. Despite ongoing volatility, some altcoins like Near Protocol, Tether, and Uniswap managed to gain.

Cryptocurrency Markets Experience Downturn on Friday, with Bitcoin Losing Ground

The cryptocurrency market witnessed a predominantly bearish trend on Friday, April 19th, with most major digital assets incurring losses. Bitcoin, the flagship cryptocurrency, experienced a modest decline of 0.23%, trading at $61,815 (approximately Rs. 51.6 lakh) on Indian exchanges, as per data from Gadgets360's crypto price tracker. On international platforms such as Binance, Bitcoin was valued at $62,160.14 (approximately Rs. 51.9 lakh). Throughout the week, Bitcoin has been subject to volatility ahead of its fourth halving event, anticipated to occur between April 19th and 21st.

Shivam Thakral, CEO of BuyUcoin, provided insights into the market dynamics, highlighting the liquidation of $34.03 million worth of Bitcoin long positions in the past few hours. However, he emphasized the continued bullish sentiment, supported by the accumulation of over $1.7 billion worth of BTC by holders in recent days. Thakral further stated that the current price point of BTC acts as a temporary support level.

Ether (ETH), the second-largest cryptocurrency, also registered losses, amounting to 0.45% on Friday. The asset was valued at $2,999 (approximately Rs. 2.50 lakh) on Gadgets360's crypto price tracker and $3,075.52 (approximately Rs. 2.56 lakh) on Binance.

Indian crypto experts anticipate the potential impact of the upcoming Bitcoin halving event. Rajagopal Menon, Vice President of WazirX, acknowledged the geopolitical uncertainties and the upcoming halving event as contributing factors to the market volatility. Menon also highlighted the growth opportunities presented by Ethereum-based altcoins, particularly in gaming and Web3 applications.

Despite the overall market decline, a few digital assets managed to secure gains. Near Protocol, Tether, Uniswap, and Chainlink experienced modest increases. Additionally, Immutable X (IMX) and ApeCoin (APE) exhibited resilience and enhanced utility, contributing to their positive performance.

The total market capitalization of the cryptocurrency sector stood at $2.26 trillion (approximately Rs. 1,88,78,119 crore), as per data from CoinMarketCap, amidst the ongoing volatility.

It is important to note that cryptocurrency trading involves significant market risks and is not regulated in India. The information provided in this article should not be construed as financial advice or a recommendation to invest in any digital asset.