Bitcoin (BTC) Prices Today Reflect Minor but Notable Losses

Bitcoin on Wednesday, April 16 reflected minor but notable losses on both national as well as international exchanges.

Bitcoin (BTC) prices slipped on Wednesday, reflecting minor but noteworthy losses on national as well as international exchanges. The world’s most expensive cryptocurrency fell by 2.60 percent on global platforms to trade at $83,350 (roughly Rs. 71.4 lakh), showed CoinMarketCap. At least one Indian crypto exchange - CoinDCX - had BTC prices slip by 2.30 percent to reach $86,150 (roughly Rs. 73.8 lakh) over the last 24 hours. A snapshot of another major crypto exchange in India - CoinSwitch - showed similar price trends.

The slip in the cryptocurrency market also brought a sluggish outlook to the overall crypto market on Wednesday, with majority altcoins also showing price corrections.

Bitcoin prices slipped as they fell below both the 50- and 100-day moving averages. However, whale accumulation saw a rise, with the number of addresses holding between 1,000 and 10,000 BTC climbing to 2,014 from 1,944 since March 5. The dip in crypto markets mirrors a broader market pullback, as US equities edged lower - the Dow Jones fell 0.4 percent, the S&P 500 dropped 0.2 percent, and the Nasdaq slipped 0.1 percent.

Ether prices slipped by over four percent on global platforms, bringing its price to $1,573 (roughly Rs. 1.34 lakh). The asset saw bigger losses touching eight percent on Indian exchanges to trade at around $1,635 (roughly Rs. 1.40 lakh).

“ETH has been trading in a downtrend, over the past four months. Prices have plunged almost 65 percent from the high of $4,107 (roughly Rs. 3.50 lakh), reaching a low of $1,411 (roughly Rs. 1.20 lakh). On a daily time frame basis, we can see that volumes have surged to the $1,400 level. ETH has bounced nearly 20 percent from the recent low, reaching up to $1,691 (oughly Rs. 1.44 lakh). Ether's key resistance for now stands at $1,750 (roughly Rs. 1.49 lakh), ” said the ZebPay Trade Desk.

Cryptocurrencies may be heating up in 2024, but don't expect a smooth ride. According to a recent report by Chainalysis, the cryptocurrency market is displaying signs of institutionalization, with a shift in investment strategies and a focus on use cases.

Despite the overall crypto market slumping by 2.63 percent over the last day, its valuation now stands at $2.63 trillion (roughly Rs. 2,25,16,949 crore), according to CoinMarketCap.

“We view these dynamics as a reset, where strong hands are accumulating, and risk-on sentiment is slowly re-emerging. This sets the stage for potential medium-term upside, especially as derivatives markets reflect cautious but growing optimism,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.

In other crypto news, an executive at cryptocurrency exchange Binance has reportedly said that the exchange is planning to apply for registration with the French markets watchdog.

Coinbase is also reportedly planning to launch an exchange-traded fund (ETF) focused on blockchain technology stocks.

And finally, a new report has claimed that cryptocurrency exchange FTX is planning to sell a stake in its Japan subsidiary to local cryptocurrency exchange eCode.