Today Cryptocurrency Price: Bitcoin fell below the $40,000 mark for a few days in a row on Tuesday, April 11, and even again approached the $50,000 mark amid negative market sentiment. At the time of writing this article, the world’s largest cryptocurrency, bitcoin, was priced at $39,910 per unit, down 5.21 percent from the previous day. According to data from Coinmarketcap.com, the price of bitcoin has declined by 14.12 percent in the past week.
“Bitcoin fell below $40,000 for the first time in almost a month as the overall global financial market weakened. The RSI dropped to 35 as BTC entered the oversold zone. The last time this happened was in February 2022. The overall public sentiment for the coin has quickly moved to extreme fear levels on the Fear & Greed Index. BTC’s daily trend is on the verge of breaking out of a rising channel pattern. Immediate support for BTC is expected at $37,600,” WazirX Trade Desk said.
Ether price was also down 5.13 percent from the previous day to $3,010.73 at the time of writing this article. The price of Ethereum is down 14.40 percent in the last seven days. The global cryptocurrency market has also fallen as a result of negative market sentiment and altcoins falling as the Fed raises interest rates again.
“One of the key movements we have seen is the close correlation of bitcoin with technology stocks. Specifically, the Nasdaq 100 or the NDX. The correlation between the NDX and bitcoin recently hit a 10-year high. This indicates makes bitcoin behave like a risk asset,” said Darshan Bathija, CEO and co-founder of Wald.
“And with the Federal Reserve raising interest rates, there is a perception that investors will exit risk-averse assets and move into risk-off assets like bonds and gold. As the market is expecting this narrative to play out, Bitcoin is under attack. By extension, crypto markets are feeling the pressure,” Bathija said.
“Market leaders and most altcoins fell, despite the Luna Foundation Guard adding another $173 million in BTC to its reserve wallet over the weekend. Traders are looking forward to the US Consumer Price Index inflation print tomorrow, BTC and the broader market in the U.S. are struggling to grasp a bullish narrative. With the Fed’s scathing comments last week, a higher-than-expected CPI report could signal more downside as central banks aim with tighter monetary policy. Inflation is to be curbed,” the OKEx research team said.
Here are the top 10 cryptocurrencies and their prices as of April 11, 2022 (data from coinmarketcap.com)
Bitcoin Lost $39,910 or 5.21 Percent in Last 24 Hours
Ethereum up by $3,010.73 or 5.13 percent in the last 24 hours
Tether up by $1.00 or 0.00 percent in the last 24 hours
BNB lost $406.49 or 2.35 percent in the last 24 hours
USD Coin $0.9998 or 0.01 percent loss in last 24 hours
XRP Lost $0.7053 or 5.12 percent in the last 24 hours
Solana has lost $102.67 or 6.92 percent in the last 24 hours.
Cardano lost $0.9513 or 6.33 percent in the last 24 hours
Tera $84.81 or a loss of 4.24 percent in the last 24 hours
Avalanche loss of $77.17 or 3.29 percent in last 24 hours
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