The crypto price chart found itself drenched in losses on Wednesday, May 1. Bitcoin recorded a significant dip of 5.20 percent on Wednesday. With this, the price of the oldest cryptocurrency dropped to a two-month low of $60,170 (roughly Rs. 50.2 lakh) on Indian exchanges, showed the crypto price tracker by Gadgets360. As per foreign exchanges like CoinMarketCap, Bitcoin is trading at $60,099 (roughly Rs. 50.1 lakh). Bitcoin is down over 16 percent through April and once again retesting the crucial support zone.
Ether joined Bitcoin on the loss-making side of the crypto chart. Succumbing to a loss of 5.27 percent, the value of ETH presently stands at $3,004 (roughly Rs. 2.50 lakh), as per CoinMarketCap. Internationally, ETH is trading at $2,997 (roughly Rs. 2.50 lakh).
“While this move could be attributed to a pending technical correction, another catalyst of the same was the world’s largest crypto exchange Binance’s former CEO Changpeng Zhao getting his sentence announced yesterday,” the CoinSwitch Markets Desk told Gadgets 360.
Zhao has been given a sentence to serve jail time for four months. Last year, he pleaded guilty of enabling money laundering through Binance. Previously, Zhao had agreed to pay a fine of $50 million (roughly Rs. 417 crore).
“Many are hailing it as a positive development given Binance can now officially be free from the US regulators, barring the fine that they had paid. BNB token would be one of the cryptos that investors will keep a look out for, in the coming days or weeks,” the CoinSwitch team added.
Majority cryptocurrencies are trading in losses as of Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche.
“Shiba Inu’s volatility decreases, potentially signalling an upcoming rally. Despite limited price movements, recent trading patterns indicate investor accumulation, setting the stage for potential price action,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Polkadot, and Chainlink alongside Polygon, Near Protocol, Leo, and Litecoin are also reeling under losses.
In the last 24 hours, the overall crypto market cap dipped by 4.28 percent taking the sector valuation to $2.22 trillion (roughly Rs. 1,85,33,026 crore), as per CoinMarketCap.
Meanwhile, Tether, Leo, Cosmos, Iota, Dogefi, and Nano Dogecoin managed to retain gains on the crypto chart.
Market analysts, however, predict price growths for altcoins in the coming days.
“The launch of Bitcoin and Ethereum spot ETFs in Hong Kong will offer new opportunities for local and global investors. While Bitcoin resistance consolidates around $63,000 (roughly Rs. 52.5 lakh), ETFs’ launch could attract institutional interest, potentially igniting market activity,” Menon noted.
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