Crypto Market Update: Bitcoin Plunge Continues, Broad Losses Across Most Cryptocurrencies

Bitcoin Records 1.62% Loss on April 4, Trading at $64,354 (Approx. Rs. 53.7 Lakh)

The crypto market’s volatility continues to intensify, leading to frequent losses for the majority of altcoins. On Thursday, April 4, Bitcoin recorded a loss of 1.62 percent, bringing its trading value down to $64,354 (approximately Rs. 53.7 lakh). Over the past 24 hours, Bitcoin’s value decreased by $1,134 (around Rs. 94,625). With Bitcoin’s next halving event scheduled for later this month, market analysts anticipate further volatility in the coming weeks.

“The largest cryptocurrency has reflected a slump in price momentum after experiencing negative net flows into the spot ETFs. The spot ETFs were the main reason for rallies during the first quarter of 2024. With just around two weeks left for halving, we can expect more volatility due to the favourable change in supply dynamics,” said Shivam Thakral, CEO of BuyUcoin, commenting on the market situation.

Ether also experienced a decline, with its price dropping by 2.15 percent on Thursday, April 4. At the time of writing, Ether was trading at $3,190 (approximately Rs. 2.66 lakh). In the past 24 hours, the value of ETH fell by $72 (around Rs. 6,007).

Other altcoins have similarly faced setbacks. For instance, Binance Coin (BNB) saw a reduction in its price, while Ripple (XRP) and Cardano (ADA) also reported significant losses. The cumulative effect of these declines underscores the broader market’s sensitivity to Bitcoin’s performance and the upcoming halving event.

Market participants are closely monitoring these developments, especially the halving, which typically influences the supply-demand dynamics and price behavior of Bitcoin. Historically, halving events have led to substantial price increases post-event, but the pre-halving period often experiences heightened uncertainty and price fluctuations.

Investors and traders are advised to exercise caution and stay informed about market trends and potential regulatory changes that could impact cryptocurrency prices. The ongoing volatility highlights the need for strategic planning and risk management in navigating the crypto market.

The crypto market volatility is only getting heated up by the day but is also spelling losses for majority altcoins on an almost regular basis. Bitcoin on Thursday, April 4 recorded a loss of 1.62 percent. This took its trading value to $64,354 (roughly Rs. 53.7 lakh). In the last 24 hours, the value of Bitcoin slipped by $1,134 (roughly Rs. 94,625). With Bitcoin’s next halving slated for later this month, market analysts have predicted volatility in the coming weeks.