Crypto Markets Bloodletting Intensifies Amid Bitcoin Halving Jitters

On April 19, the cryptocurrency market faced declines, with Bitcoin losing 0.23% in India and Ether dropping 0.45%. While most cryptocurrencies experienced losses, including Solana, Cardano, and Shiba Inu, Near Protocol and Tether managed to gain slightly. Despite ongoing volatility, the crypto sector's valuation remains at $2.26 trillion.

Crypto Markets Witness Bloodbath Amid Fourth Bitcoin Halving Anticipation

The cryptocurrency market has spiraled into a vortex of crimson, with most digital assets plunging in value on Friday, April 19. The apex cryptocurrency, Bitcoin, has borne the brunt of the downturn, shedding 0.23 percent to trade at $61,815 (approximately Rs. 51.6 lakh) in India, according to Gadgets360's crypto tracker. On international exchanges like Binance, Bitcoin has also tumbled, currently hovering around $62,160.14 (approximately Rs. 51.9 lakh).

The market turmoil comes amidst escalating geopolitical tensions following the explosions at Isfahan airport, injecting uncertainty into the crypto ecosystem. Compounding this volatility is the impending fourth Bitcoin halving event, which is poised to occur between April 19 and April 21.

Shivam Thakral, CEO of BuyUcoin, sheds light on the market dynamics: "Over $34.03 million in Bitcoin long positions have been liquidated in recent hours. Despite this, the overall sentiment remains bullish, as on-chain metrics indicate the accumulation of over $1.7 billion worth of BTC by holders. Bitcoin's current price serves as a temporary support level."

Ethereum has also fallen victim to the bearish tide, losing 0.45 percent on Friday. The second-largest cryptocurrency now trades at $2,999 (approximately Rs. 2.50 lakh) on Gadgets360's crypto tracker, while on Binance, its value stands at $3,075.52 (approximately Rs. 2.56 lakh).

The sell-off has permeated the broader crypto landscape, with a majority of altcoins following suit. Solana, Cardano, Ripple, Shiba Inu, Avalanche, Tron, and Polkadot have all registered losses, along with Polygon, Litecoin, and Uniswap.

Despite the widespread carnage, a few cryptocurrencies have managed to secure modest gains. Near Protocol, Tether, Uniswap, and Chainlink have demonstrated resilience, defying the prevailing bearish trend.

Rajagopal Menon, Vice President of WazirX, offers his insights into the market's current state: "The upcoming halving event has exacerbated uncertainty. Ethereum-based altcoins, however, present opportunities for growth and innovation, particularly in the realm of gaming and Web3 applications."

Immutable X (IMX) has risen by 2.5 percent in the past 24 hours, bolstering its position with strategic partnerships and adoption in the gaming sector. ApeCoin (APE) has also exhibited resilience, gaining 0.09 percent and expanding its utility through governance proposals.

It is imperative to note that cryptocurrencies are unregulated digital assets, not recognized as legal tender, and are inherently subject to market risks. Investors should exercise caution and seek professional advice before making any investment decisions based on information provided in this article. Affiliate links may be automatically generated; please refer to NDTV's ethics statement for further details.