Bitcoin and Altcoin Market Update: Bearish Outlook for Bitcoin, Majority of Altcoins in the Red
Bitcoin took a dip in trading on Monday, April 29, with the price hovering around $63,192 in India and $63,102 on international exchanges. Market analysts are predicting a bearish trend for the cryptocurrency in the short term, with immediate resistance expected at $63,400.
Altcoins such as Tether, Binance Coin, Solana, Ripple, and Dogecoin also experienced losses, while minor price reductions were seen in Cardano, Shiba Inu, Avalanche, Polkadot, Chainlink, Polygon, Near Protocol, and Leo.
The overall crypto market cap dropped by 0.73 percent, reaching $2.35 trillion. However, Ether managed to buck the trend by recording small gains, with its value standing at $3,130 in India and $3,218 on international exchanges.
Looking ahead, the CoinDCX Research Team warned of potential volatility in the market due to macro events such as the Fed’s fund rate and unemployment rate announcements.
In other news, fintech giant Stripe announced plans to reintroduce crypto payments in 2024, focusing on the USDC stablecoin on Solana, Ethereum, and Polygon blockchains. Meanwhile, Metamask’s parent company Consensys filed a complaint against the SEC over the alleged ‘unlawful seizure of authority’ over Ethereum.
It is important to note that cryptocurrency is unregulated, not a legal tender, and subject to market risks. The information provided in this article is not financial advice, and readers should exercise caution when investing in cryptocurrencies. The article originally appeared on Gadgets 360.
