Haider Jamal

Apr 28, 2024

Bitcoin Floats Around $64K As Altcoins See Red

Despite its best efforts, any attempts Bitcoin (BTC) has made recently to try and recover its price have been unsuccessful, with the asset dropping to $62,400 before bouncing back to around $63,000. Meanwhile, SOL, DOGE, ADA, HBAR, and RNDR are among the weakest performers within a 24 hour period. Infact, most of the market is seeing a downturn currently, and the total crypto market cap has also decreased by $150 billion over the past two days.


BTC Falls To $63K

The price movements for the flagship crypto both before and after the fourth halving, completed last Friday, have been relatively lackluster. Despite a slight recovery after the Iran-Israel tensions, during which it stood above $65,000 following the reduction in block rewards, it struggled to maintain momentum, even testing $67,000 a few times. However, it faced challenges amid increasing ETF outflows.

Conversely, BTC has been rapidly losing value in recent days. Although it has regained some ground, Bitcoin is still struggling to reach the $70,000 once more. Elsewhere, ETH, BNB, XRP, and TON are also experiencing declines, albeit less severe. TRX is among the few alts showing gains today. However, many other lower- and mid-cap alts have recorded notable losses over the past day as well. Consequently, the total crypto market cap has fallen by $50 billion overnight and $150 billion since Thursday, dropping to under $2.450 trillion on CoinGecko.


Other Markets

Amidst a surge in US stocks, the New York Stock Exchange (NYSE) witnessed a notable rise, resulting in the best week for stocks in 2024 thus far. However, Wall Street faced unexpected challenges as markets displayed swift reversals, confounding industry professionals. Meanwhile, Federal Reserve Chairman Powell re-emphasised a prolonged period of elevated inflation.

In other market developments, the next US LNG export plant is gearing up to commence production by mid-2024, while the Fed is shaping a new equities playbook in Asia. On the energy front, Ukraine endured a missile barrage and retaliated with strikes on a Russian refinery, underscoring the ongoing tensions. Lastly, Zimbabwe introduced a new currency called ZiG, receiving praise by many for its potential economic benefits.


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