Cryptocurrency Price Today: Bitcoin Slumps to Two-Month Lows, Ether and Most Altcoins Record Losses

The cryptocurrency price chart found itself flooded with losses on Wednesday, May 1st. Bitcoin saw a significant drop of 5.20% on Wednesday. With this, the price of the oldest cryptocurrency fell to a two-month low of $60,170 (around Rs. 50.2 lakh) on Indian exchanges, cryptocurrency price tracker Gadgets360 showed. According to foreign exchanges like CoinMarketCap, Bitcoin is trading at $60,099 (around Rs. 50.1 lakh). Bitcoin fell more than 16% in April and tested the crucial support zone again.

Ether has joined Bitcoin on the losing side of the cryptocurrency chart. Succumbing to a loss of 5.27%, the value of ETH currently stands at $3,004 (around Rs. 2.50 lakh), according to CoinMarketCap. Internationally, ETH is trading at $2,997 (approximately Rs. 2.50 lakh).

“While this move could be attributed to a pending technical correction, another catalyst for the same was the former CEO of Binance, the world’s largest cryptocurrency exchange, Changpeng Zhao, who had his ruling announced yesterday” , CoinSwitch Markets Desk told Gadgets 360.

Zhao was sentenced to serve four months in prison. Last year he pleaded guilty to enabling money laundering through Binance. Previously, Zhao had agreed to pay a fine of $50 million (about 417 million rupees).

“Many welcome this as a positive development as Binance can now be officially free from US regulators, barring the fine they have paid. The BNB token will be one of the cryptocurrencies that investors will be keeping an eye on in the coming days or weeks,” the CoinSwitch team added.

Most cryptocurrencies are trading at losses as of Wednesday. These include Solana, Ripple, Dogemoneta, Cardano, Shiba InuAND Avalanche.

“Shiba Inu volatility declines, potentially signaling an impending rally. Despite limited price movements, recent trading patterns indicate investor accumulation, setting the stage for potential price action,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Polka dotAND Chain shirt next to Polygon, Close to the protocol, LeoAND Litecoin I’m also in trouble.

In the last 24 hours, the overall cryptocurrency market capitalization fell by 4.28%, taking the sector’s valuation to $2.22 trillion (around Rs. 1,85,33,026 crore), according to CoinMarketCap.

In the meantime, Bind, Leo, Cosmos, Iota, DogefiAND Nano Dogecoin managed to maintain gains on the cryptocurrency chart.

Market analysts, however, expect price growth for altcoins in the coming days.

“The launch of Bitcoin and Ethereum spot ETFs in Hong Kong will provide new opportunities for local and global investors. As Bitcoin resistance consolidates around $63,000 (around Rs 52.5 lakh), the launch of ETFs could attract institutional interest, potentially triggering market activity,” Menon noted.

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