Bitcoin, Ether Continue to Hold Their Ground in a Day of Mixed Market Mood

Indecisiveness ruled the crypto market mid-week as Bitcoin flipped between gains and losses on the day to eventually remain in the green as optimism around more BTC exchange-traded funds (ETF) being approved helped its cause. In terms of value, Bitcoin continues to hold firm ground at around the $41,600 (roughly Rs. 32 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin is up 1.06 percent in the past 24 hours and stands at $43,605 (roughly Rs. 33.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $41,670 (roughly Rs. 31.5 lakh) rising 0.73 percent in value over the past 24 hours. As per CoinGecko data, BTC has climbed by 1 percent in value week-to-day.

Ether, too had a bit of a rollercoaster day of trade through Wednesday although the second most popular cryptocurrency also managed gains on the day. At the time of publishing, Ether is valued at $3,243 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $3,096 (roughly Rs. 2.3 lakh), where the coin has risen by 0.24 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency’s value has slightly worsened over the past week with a 1 percent dip.

As per Gadgets 360’s cryptocurrency price tracker, most altcoins marked minor losses on the day despite BTC and Ether managing gains. The global crypto market cap witnessed a rise of 0.51 percent over the past 24 hours. Avalanche, Litecoin, Solana, and Polygon all registered dips on the day while Binance Coin, Cardano, Polkadot, Uniswap, and Chainlink marked gains.

Shiba Inu and Dogecoin, meanwhile, had a forgettable day with losses propping up in the last 24 hours. Dogecoin is currently valued at $0.15 (roughly Rs. 11) after losing 3 percent over the last 24 hours, while, Shiba Inu is valued at $0.000026 (roughly Rs. 0.002), down by 0.55 percent over the past day.

The negative sentiment to begin Wednesday arrived in the form of the International Monetary Fund (IMF) encouraging global policymakers to develop standards for crypto in response to growing concerns highlighted by the war in Ukraine.

In its Global Financial Stability Report published on April 19, the IMF directly addressed crypto’s potential use in sanctions evasion by Russia and its potential to threaten the stability of existing financial systems through the changing banking landscape. Sanctioned nations could monetise domestic energy supplies, which cannot be exported abroad, by mining crypto currencies such as Bitcoin, an IMF reveals in the report.

In other crypto news, the giant crypto exchange Binance unveiled its new Twitter emoji Wednesday, and soon took it down after users pointed out its resemblance to a ‘swastika’.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.