Bitcoin Slips Below Crucial $67,000 Level, Crypto Market Sees Bearish Turn in Last 24 Hours

Bitcoin on Tuesday, April 2 showed a loss of 1.24 percent.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 2 April 2024 12:11 IST

Bitcoin Slips Below Crucial $67,000 Level, Crypto Market Sees Bearish Turn in Last 24 Hours

Photo Credit: Pixabay/ Petre Barlea

The current crypto market cap stands at $2.52 trillion

Highlights

Chainlink, Polygon recorded losses
Bitcoin Cash, Monero saw gains
Price dips affected Stellar, Elrond

The last 24 hours brought reductions in the prices of majority cryptocurrencies as the crypto market took what experts are calling a ‘bearish turn'. Bitcoin on Tuesday, April 2 showed a loss of 1.24 percent. With this, the value of the asset receded to $66,102 (roughly Rs. 55.1 lakh). Market analysts had been calling $67,000 (roughly Rs. 55.8 lakh) the crucial price point for BTC, beyond which the asset was expected to rise easily but now that BTC has dropped below this value, analysts fear BTC could tumble further below.

“In the last 24 hours, the market took a bearish turn. Bitcoin is currently trading below the 20 EMA D, indicating bearish sentiment. Attention will be on BTC ETF inflows and US macroeconomic announcements in the coming days,” the CoinDCX Research team told Gadgets360 commenting on the market situation.

Ether reflected a price dip of 3.71 percent on Tuesday. Its current trading value stands on the mark of $3,270 (roughly Rs. 2.72 lakh). In the last 24 hours, the value of ETH has reduced by $125 (roughly Rs. 10,420).

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“ETH after making the recent high of $4,093 (roughly Rs. 3.41 lakh), witnessed a sharp correction and the prices fell almost by 25 percent. Traders remain immersed in speculation regarding the potential approval of a spot Ether ETF in May,” the ZebPay trade desk told Gadgets360.

Most cryptocurrencies are trading in losses on Tuesday alongside BTC and ETH. These include Binance Coin, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.

Other loss-making altcoins, as of Tuesday, include Polkadot, Tron, Chainlink, Polygon, Litecoin, Uniswap, and Near Protocol.

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“The top 20 cryptos by market cap are currently trading in the red. As a result of the market performance in the last 24 hours, the crypto market has observed total liquidations of over $490 million (roughly Rs. 4,084 crore), including BTC's $134.74 million (roughly Rs. 1,123 crore),” the CoinSwitch Markets Desk told Gadgets360.

The overall crypto market valuation dunked by 5.92 percent in the last 24 hours. The current crypto market cap stands at $2.52 trillion (roughly Rs. 2,10,07,274 crore), as per CoinMarketCap.

Stablecoins like Tether and USD Coin joined altcoins like Bitcoin Cash, Leo, Monero, and Iota managed to record minor gains on Tuesday.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More