Cryptocurrency Price on April 16: Bitcoin drops 4% amid strong US retail sales data

Also, the market witnessed a significant downturn attributed to heightened tensions between Iran and Israel.

Meanwhile, , the second-largest crypto token, also plunged 5% to $3,070 at 11:56 am IST. Other major such as BNB (4.2%), Solana (12.5%), XRP (3.7%) Toncoin (11.5%), Dogecoin (5.7%), Shiba Inu (7.4%), and Avalanche (7.7%) also declined.

Vikram Subburaj, CEO of Giottus Crypto Platform, said, "Bitcoin is fighting to hold the key $63,000 level as bearish sentiment grips financial markets, especially in the US. Although crypto prices saw a modest recovery yesterday during Asian trading time, a 3% decline ensued post the release of a strong US sales report, indicating a possible delay in interest rate cuts."

"With Bitcoin’s halving scheduled later this week, its prices are likely to be volatile with halving sentiments conflicted by macroeconomic conditions," Subburaj said.

CoinDCX Research Team, said, "In the last 24 hours, both BTC and ETH experienced consolidation with a slight decline. Technically, BTC dropped to nearly $62,000, and there's uncertainty regarding its direction. The ongoing war situation and the upcoming halving in four days contribute to the market's volatility. However, the outlook for the next few months remains bullish due to the anticipated supply shock from the BTC halving."

The global cryptocurrency market cap fell by 4.1% to around $2.29 trillion in the last 24 hours.

The total volume in DeFi is currently $9.35 billion, 7.92% of the total crypto market 24-hour volume. The volume of all stablecoins is now $110.24 billion, which is 93.37% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin fell to $1.239 trillion. Bitcoin's dominance is currently 54.11%, according to CoinMarketCap. BTC volume in the last 24 hours rose 6.23% to $44.77 billion.

"BTC's next support lies at the $60,775, and the resistance lies at the $66,900 level," said Edul Patel, CEO of Mudrex.

On the other hand, Ethereum is trading at $3,100. Bulls will have to clear the $3,200 level to start an up move to the $3,600 level, Edul said.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times