...By Jack Sylva for TDPel Media.
Bitcoin and Ether experienced losses in the crypto market on Thursday, April 20. Bitcoin’s trading value dropped to $28,858, after incurring a loss of 4.45 percent, while Ether slipped by 6.93 percent to trade at $1,947.
Binance Coin, Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, Dogecoin, and Shiba Inu also registered losses.
However, stablecoins like Tether, USD Coin, Binance USD alongside LEO and Qtum recorded small profits.
The overall crypto market valuation fell by 4.70 percent in the last 24 hours.
CoinDCX research team stated that Bitcoin and Ethereum both fell after the UK CPI for March came at 10.1 percent YoY, which is 0.3 percent more than the expectation, signalling an interest rate hike to continue in coming announcements.
Industry insiders remain hopeful that things will look up and stable for the crypto sector in the times to come, as institutional investors have shown renewed interest in crypto investment products.
Rajagopal Menon, Vice President at WazirX, hinted that currently, the major market indicators point to a ‘sell’ sentiment amidst prices of BTC and ETH decreasing after a decent run in the last few weeks.
He explained that while the price correction of the tokens was anticipated after the growth period, the regulatory uncertainty in the US crypto ecosystem, rate hikes, and changing monetary policy by the Feds have added to the woes of investors.
The crypto market is infamous for its volatility, and the recent losses incurred by Bitcoin and Ether showcase that fact.
However, stablecoins have recorded small profits, and industry insiders remain hopeful that things will look up and stable for the crypto sector in the times to come, despite regulatory uncertainty and changing monetary policies.
It is important to remember that 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.