Cryptocurrency Price Today: Bitcoin slipped below the $40,000 mark on Tuesday, April 12, after gaining for quite a few days on a row and even nearing the $50,000 mark again amid negative market sentiments. At the time of writing this article, the price of one unit of Bitcoin, the world’s largest cryptocurrency, stood at $39,910, a drop of 5.21 per cent over the last day. Over the past week, Bitcoin price has dropped by 14.12 per cent, as per data by coinmarketcap.com.
Bitcoin has dropped below $40,000 for the first time in almost a month as the overall global financial markets weakened. The RSI plummeted to 35 as BTC entered the oversold zone. The last time this happened was in February 2022. The overall public sentiment for the token has quickly gone to the Extreme Fear level on the Fear & Greed index. The daily trend for BTC is on the verge of breaking out of the ascending channel pattern. An immediate support for BTC is expected at $37,600,” said the WazirX trade desk.
Ether prices too dropped by 5.13 per cent over the past day to stand at $3,010.73 at the time of writing this article. The price of Ethereum has slipped by 14.40 per cent in the last seven days. The global cryptocurrency market has also dropped as a result of negative market sentiments and altcoins dropping as Fed increased the interest rates again.
In addition to the statement one of the key movements we’ve seen is Bitcoin’s close correlation with technology stocks. Particularly, the Nasdaq 100 or NDX. The correlation between NDX and Bitcoin recently hit a 10-year high. This indicates that Bitcoin is behaving like a risk-on asset,” said Darshan Bathija, CEO and co-founder of Vauld.
And with the Federal Reserve raising interest rates, the notion is investors will move out of risk-on assets and into risk-off assets like bonds and gold. As the market is expecting this narrative to play out, Bitcoin is being hammered. By extension, the crypto markets are feeling the pressure,” Bathija added.
Despite the Luna Foundation Guard adding another $173 million in BTC to its reserve wallet over the weekend, the market leader and most altcoins fell. Traders are struggling to grasp a bullish narrative for BTC and the broader market in the short term, as they anticipate the United States Consumer Price Index inflation print tomorrow. In conjunction with hawkish remarks from the Fed last week, a higher-than-expected CPI report could signal more downside as central banks aim to curb inflation with tighter monetary policy,” said the OKX research team.
Top 10 cryptocurrencies and their prices on April 11, 2022 (data from coinmarketcap.com
- Bitcoin $39,910 or 5.21 per cent loss in the last 24 hours
- Ethereum $3,010.73 or 5.13 per cent gain in the last 24 hours
- Tether $1.00 or 0.00 per cent gain in the last 24 hours
- BNB $406.49 or 2.35 per cent loss in the last 24 hours
- USD Coin $0.9998 or 0.01 per cent loss in the last 24 hours
- XRP $0.7053 or 5.12 per cent loss in the last 24 hours
- Solana $102.67 or 6.92 per cent loss in the last 24 hours
- Cardano $0.9513 or 6.33 per cent loss in the last 24 hours
- Terra $84.81 or 4.24 per cent loss in the last 24 hours
- Avalanche $77.17 or 3.29 per cent loss in the last 24 hours