Bitcoin Price Plummets Below $63,000 as Cryptocurrency Market Witnesses Increased Selling Pressure

15 views 4:49 pm 0 Comments May 17, 2024

Bitcoin (BTC) and Other Cryptocurrency Market Update

Bitcoin (BTC), the most established and valuable cryptocurrency globally, experienced a decline below the $63,000 threshold early on Tuesday amidst increasing tensions between Iran and Israel. This event had a ripple effect on other popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), all of which trended downwards as indicated by the Market Fear & Greed Index at 60 (denoting Greed) based on CoinMarketCap data. Noteworthy movements in the market included the CORE token emerging as the top gainer with a remarkable 24-hour surge of over 59 percent, while SEI faced the most significant decline with a 24-hour drop exceeding 10 percent.

At the time of reporting, the global cryptocurrency market cap was recorded at $2.27 trillion, reflecting a 3.75 percent decrease over the past 24 hours.

Current Prices of Major Cryptocurrencies

  • Bitcoin (BTC) Price: $62,422.01, down by 3.83 percent in the last 24 hours. The price of BTC on the Indian exchange WazirX was noted at Rs 59.56 lakh.
  • Ethereum (ETH) Price: $3,026.41, showing a 3.76 percent decrease within 24 hours. In India, the price of Ethereum on WazirX stood at Rs 2.90 lakh.
  • Dogecoin (DOGE) Price: $0.1531, with a 24-hour loss of 3.11 percent. The price of Dogecoin in India, according to WazirX, was Rs 14.59.
  • Litecoin (LTC) Price: $76.38, experiencing a 2.73 percent dip over 24 hours. In India, LTC was priced at Rs 7,178.54.
  • Ripple (XRP) Price: $0.4826, down by 3.24 percent in the last 24 hours. The price of Ripple in India was Rs 45.55 as per WazirX.
  • Solana (SOL) Price: $132.79, showing a significant 10.63 percent decrease in the past 24 hours. In India, SOL was priced at Rs 12,602.74 on WazirX.

Top Performers and Underperformers in the Crypto Market Today (April 16)

Based on data from CoinMarketCap, the top five gainers in the cryptocurrency market over the last 24 hours were:

Top Gainers:

  1. Core (CORE)
    • Price: $2.30
    • 24-hour Gain: 58.74 percent
  2. OKB (OKB)
    • Price: $59.97
    • 24-hour Gain: 13.46 percent
  3. Monero (XMR)
    • Price: $119.57
    • 24-hour Gain: 0.15 percent
  4. Quant (QNT)
    • Price: $102.25
    • 24-hour Gain: 0.09 percent
  5. dogwifhat (WIF)
    • Price: $2.83
    • 24-hour Gain: 15.69 percent

Top Losers:

  1. Sei (SEI)
    • Price: $0.4721
    • 24-hour Loss: 10.64 percent
  2. Solana (SOL)
    • Price: $132.70
    • 24-hour Loss: 10.40 percent
  3. ImmutableX (IMX)
    • Price: $1.90
    • 24-hour Loss: 10.18 percent
  4. Ethena (ENA)
    • Price: $1.01
    • 24-hour Loss: 9.96 percent
  5. Starknet (STRK)
    • Price: $1.29
    • 24-hour Loss: 9.89 percent

Insights from Crypto Exchanges on the Current Market Situation

Various crypto exchange representatives shared their perspectives on the current market scenario:

  • Edul Patel, Co-founder and CEO of Mudrex, highlighted the impact of recent events on Bitcoin’s price movements, emphasizing key support and resistance levels for BTC and Ethereum.
  • The CoinSwitch Markets Desk discussed the implications of Hong Kong’s approval of spot ETFs on the crypto market and the subsequent price actions of Bitcoin amidst global tensions.
  • Rajagopal Menon, Vice President at WazirX, provided insights into the market turbulence caused by geopolitical factors and speculated on the potential resurgence in the market.
  • Sathvik Vishwanath, CEO of Unocoin, analyzed Bitcoin’s recent performance in the context of global events and market trends, outlining potential price levels and trends.
  • Shivam Thakral, CEO of BuyUcoin, highlighted the significance of institutional demand and regulatory approvals in shaping Bitcoin’s momentum.
  • The CoinDCX Research Team emphasized the current consolidation and uncertainties surrounding BTC and ETH prices, attributing volatility to geopolitical factors and upcoming events.

Disclaimer: Readers are advised that cryptocurrency investments carry inherent risks and uncertainties. The market predictions and insights provided are speculative and subject to market fluctuations. It is recommended to seek expert advice and conduct thorough research before engaging in cryptocurrency investments to mitigate potential risks.