Bitcoin saw a small gain of 0.7 percent on Friday, April 26. The most expensive cryptocurrency is trading at $26,421 (roughly 21.8 lakh rupees), marking one of the lowest trading levels in at least two months on both domestic and international exchanges. The leading cryptocurrency had held a stable position until the second week of May, but recently slid below its crucial $26,500 (about 22 lakh rupees) support level. In the last 24 hours, bitcoin has managed to surge by $414 (roughly Rs. 34,240).
Despite Bitcoin’s sluggish market action, its sell risk ratio has reached an all-time low, the CoinDCX research team told Gadgets 360. As a market indicator, sell risk ratio is the sum of all gains and losses on the chain. divided by the total capitalization.
“This development suggests that investors are reluctant to sell their bitcoins within the current price range, regardless of whether doing so would result in a profit or a loss.” Such behavior is typically seen when sellers on both sides are exhausted , indicating the potential for significant price moves on the horizon. “This revelation adds a spark of anticipation to the market as traders eagerly await the upcoming developments in the cryptocurrency world,” said the CoinDCX team.
Ether joined Bitcoin and posted a small gain of 1.46 percent. Gadgets 360 crypto price tracker showed ETH trading at $1,807 (roughly Rs.1.49 lakh rupees) at the time of writing. Over the last day, the second most expensive cryptocurrency is up $32 (roughly Rs.2,646). .
In addition to Polygon, Litecoin, Leo, Cosmos and Uniswap, the memecoins Shiba Inu and Dogecoin also recorded slight gains.
Stellar, Bitcoin Cash, Cronos and EOS Coin also posted tiny gains trading in shades of green on Friday.
“The slight increase could be due to positive weekly unemployment data in the US. The crypto fear and greed index is down two points since yesterday but remains in neutral territory at 49 points,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Overall, however, the uncertain macroeconomic climate has contributed to a decline in the crypto market, fueled by concerns about inflation, crypto regulations, and the ongoing US debt ceiling standoff.
The minutes of the US Federal Open Market Committee recently revealed a disagreement among US central bankers over possible interest rate hikes. This has increased traders’ focus on the upcoming core PCE inflation data for April, which is due later in the day.
In the past 24 hours, the valuation of the crypto market rose 0.73 percent to a low of US$1.11 trillion (about Rs.91.75 trillion), according to the data CoinMarketCap.
“Market volatility has led to an increase in asset outflows, resulting in a decline in total market capitalization. However, it is worth noting that there has been a sudden surge in regulatory developments in recent days, especially after the IOSCO announcement. The World Economif Forum has issued its own set of regulations that encourage international collaboration,” Rajagopal Menon, vice president of WazirX, told Gadgets 360.
Stablecoins, meanwhile, faced losses on Friday. These include Tether, USD Coin, and Binance USD.
Binance Coin, Cardano, Solana, Tron and Avalanche are also in the red alongside most stablecoins.
In other news, OpenAI CEO Sam Altman’s crypto project Worldcoin — an open-source decentralized protocol — has raised $115 million (about Rs.95 crore) in a Series C funding round despite the bearish market sentiment.
Another key strategic event to highlight is Celsius’ final resolution and sale of $2 billion (approximately 16,545 crore) of assets to a Fahrenheit-led investor group.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment made on any perceived recommendation , forecast or other information contained in the article.
