On Wednesday, May 1, the cryptocurrency price trend was completely down. On Wednesday, there was a notable decrease of 5.20 percent in Bitcoin. As a result, the oldest cryptocurrency’s price on Indian exchanges fell to a two-month low of $60,170 (about Rs. 50.2 lakh), according to the Gadgets360 cryptocurrency price tracker. CoinMarketCap and other international exchanges show that the current price of Bitcoin is $60,099, or around Rs. 50.1 lakh. Through April, Bitcoin has dropped by more than 16 percent, and it is once again retesting the critical support zone.
Ether has joined Bitcoin on the cryptocurrency chart’s losing trend. With a 5.27 percent decline, ETH is currently worth $3,004 (about Rs. 2.50 lakh), according to CoinMarketCap. ETH is now selling at $2,997 (about Rs. 2.50 lakh) on the international market.
The world’s largest cryptocurrency exchange Binance’s former CEO Changpeng Zhao received his sentencing yesterday, which may have contributed to this outcome, according to the CoinSwitch Markets Desk, which spoke with Gadgets 360.
Zhao has been sentenced to four months in jail. He entered a guilty plea for facilitating money laundering using Binance last year. Zhao had already consented to pay a $50 million (about Rs. 417 crore) fine.
“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.” The CoinSwitch team commented, “One cryptocurrency that investors will be watching in the upcoming days or weeks is BNB token.” The team added.
As of Wednesday, most of cryptocurrencies are trading down. Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche are some of them.
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 stated.
Along with Polygon, Near Protocol, Leo, Litecoin, Polkadot, and Chainlink, all also suffering losses.
According to CoinMarketCap, the total value of the cryptocurrency market fell by 4.28 percent in the previous day, bringing the sector’s capitalization to $2.22 trillion (about Rs. 1,85,33,026 crore).
On the cryptocurrency chart, Tether, Leo, Cosmos, Iota, Dogefi, and Nano Dogecoin were able to hold onto their gains.
On the other hand, market analysts anticipate that altcoin prices will rise during the next several days.
Menon also noted that “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,”
