Today’s cryptocurrency price update: Bitcoin briefly reached the $70,000 milestone before halving-related fluctuations caused market activity to slow down
On global platforms such as CoinMarketCap, the price of BTC surged to $70,000 (approximately Rs. 58.2 lakh) and stabilized at around $69,427 (approximately Rs. 57.7 lakh).
On Monday, April 8, the cryptocurrency market displayed mixed sentiments, with more cryptocurrencies experiencing losses than gains. Bitcoin recorded a marginal increase of 0.03 percent on Gadgets360’s crypto price tracker, reaching an exchange value of $66,570 (approximately Rs. 55.4 lakh) in India. Meanwhile, on global platforms like CoinMarketCap, Bitcoin touched $70,000 (approximately Rs. 58.2 lakh) and settled around $69,427 (approximately Rs. 57.7 lakh). As Bitcoin’s fourth halving event approaches, some volatility is anticipated.
“Bitcoin has seen a 147 percent rise over the past year. If Bitcoin continues to climb above the current threshold, it may signal a slight advantage for bulls. The asset has been trading within a narrow range in recent days, indicating indecision. However, Bitcoin has yet to gather enough momentum for a significant move,” commented Edul Patel, CEO of Mudrex to Gadgets360.
Several cryptocurrencies witnessed losses on Monday, including Tether, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.
Polkadot, Chainlink, Polygon, Litecoin, Near Protocol, and Uniswap also experienced losses alongside BTC.
“BlackRock’s inclusion of Goldman Sachs, Citigroup, UBS, and Citadel Securities as authorized participants for the iShares Bitcoin Trust has caused significant volatility in BTC price over the weekend,” stated Parth Chaturvedi, Investments Lead at CoinSwitch Ventures to Gadgets360. “Furthermore, the US labor market continues to show resilience, with the government reporting the addition of 303,000 jobs last month. These numbers indicate a strong economy, which typically leads to higher inflation, rising interest rates, and a decline in risk assets including crypto.”
Despite the volatility, Ether managed to secure a profit of around one percent on Monday. As of the time of writing, ETH is valued at $3,273 (approximately Rs. 2.72 lakh) according to Gadget360’s crypto price tracker. However, according to CoinMarketCap, the value of ETH is $3,426 (approximately Rs. 2.85 lakh).
“The past few days have seen ETH outperform BTC, with the ETH/BTC pair indicating a minor rebound. According to the CoinDCX research team speaking to Gadgets360, the critical resistance level for ETH is at $3,650 (approximately Rs. 3.03 lakh).”
In the past 24 hours, the total cryptocurrency market capitalization increased by 0.06 percent, reaching a valuation of $2.59 trillion (approximately Rs. 2,15,68,846 crore), according to CoinMarketCap.
