Cryptocurrency price today: Bitcoin price collapse continues, most cryptocurrencies are at a loss

The volatility of the cryptocurrency market is heating up by the day, but it is also causing losses for most altcoins on an almost regular basis. Bitcoin recorded a loss of 1.62% on Thursday, April 4th. This brought its street value to $64,354 (approximately Rs. 53.7 lakh). In the last 24 hours, the value of Bitcoin has fallen by $1,134 (around 94,625 rupees). With Bitcoin next halving expected later this month, market analysts have predicted volatility in the coming weeks.

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

Ether recorded a price drop of 2.15% on Thursday, April 4. At the time of writing, Ether was trading at $3,190 (around Rs. 2.66 lakh). In the last 24 hours, the value of ETH fell by $72 (around Rs. 6,007).

“ETH like BTC also moved sideways on a shorter time frame, with $3,200 (around Rs. 2.67 lakh) being a key level to hold. Tomorrow’s announcement of the US monthly unemployment rate could bring further volatility to the market,” CoinDCX’s markets desk told Gadgets360.

Solana, Ripple, Dogemoneta, Cardano, Avalanche, Shiba Inu, Bitcoin CashAND Polka dot recorded losses along with BTC and ETH.

Tron, Polygon, Litecoin, Close to the protocol, Uniswap, LeoAND Cosmos also saw losses.

“Although the possibility of a Fed rate cut in June has capped gains, the steady increase in stablecoin supply provides strong reassurance to Bitcoin enthusiasts amid market fluctuations,” Rajagopal Menon, vice president, told Gadgets360 by WazirX.

The overall cryptocurrency market capitalization fell by 0.93% in the last 24 hours. Its valuation currently stands at $2.47 trillion (approximately Rs. 2,06,14,496 crore), data from CoinMarketCap showed.

Meanwhile, cryptocurrencies that posted profits on Thursday are included Binance coin, Currency in USD, MoneroAND Bitcoin SV.

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