The cryptocurrency price chart found itself mired in losses on Wednesday, May 1st. Bitcoin recorded a significant drop of 5.20 percent on Wednesday. With this, the price of the oldest cryptocurrency fell to a two-month low of $60,170 (roughly Rs. 50.2 lakh) on Indian exchanges, crypto price tracker Gadgets360 showed. According to foreign exchanges like CoinMarketCap, Bitcoin is trading at $60,099 (Rs. 50.1 lakh approx). Bitcoin is down more than 16 percent through April and is retesting the key support zone.

Ether has joined Bitcoin on the losing side of the crypto chart. Succumbing to a loss of 5.27 percent, the value of ETH currently stands at $3,004 (roughly Rs. 2.50 lakh), according to CoinMarketCap. Internationally, ETH is trading at $2997 (approx. Rs. 2.50 lakh).

“While this move could be attributed to an upcoming technical correction, another catalyst for the same was the former CEO of the world’s largest crypto exchange Binance Changpeng Zhao, who received his sentence announced yesterday,” the CoinSwitch Markets Desk told Gadgets 360.

Zhao was sentenced to serve four months in prison. Last year, he pleaded guilty to enabling money laundering through Binance. Zhao had previously agreed to pay a fine of $50 million (roughly Rs. 417 crore).

“Many are hailing this as a positive development as Binance can now be officially released from US regulators, except for the fine they have paid. The BNB token will be one of the cryptocurrencies that investors will be watching in the coming days or weeks,” the CoinSwitch team added.

Major cryptocurrencies have been trading in losses since Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Shiba Inu and Avalanche.

“Shiba Inu volatility is easing, potentially signaling an upcoming rally. Despite limited price movements, recent trading patterns show investor accumulation, setting the stage for potential price action,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

Polkadot and Chainlink along with Polygon, Near Protocol, Leo and Litecoin are also losing.

In the past 24 hours, the total crypto market capitalization has fallen by 4.28 percent, with the sector’s valuation reaching $2.22 trillion (roughly Rs. 1,85,33,026 crore), according to CoinMarketCap.

Meanwhile, Tether, Leo, Cosmos, Iota, Dogefi, and Nano Dogecoin managed to hold on to gains on the crypto chart.

However, market analysts are predicting an increase in altcoin prices in the coming days.

“The launch of the Bitcoin and Ethereum spot ETF in Hong Kong will offer new opportunities for local and global investors. While Bitcoin’s resistance is consolidating around $63,000 (roughly Rs. 52.5 lakh), the launch of the ETF could attract institutional interest, potentially igniting market activity,” Menon noted.

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