Despite predictions of a decline in Bitcoin by cryptocurrency expert Michael Van de Poppe, the worldwide cryptocurrency has seen a 4.25% growth in a single day, hitting a worth of $2.69 trillion. Bitcoin persisted in maintaining its value over the day and the altcoin sector, led majorly by Ethereum and Ripple’s performance, saw increased market activity.
Recent times have shown a downward market trend, causing significant liquidations in the cryptocurrency derivatives sector nearing $250 million. This slump and the faltering growth of cryptocurrency values is majorly attributed to the anticipated April 10 Consumer Price Index (CPI) release, which is expected to outperform previous estimates. Hence, causing substantial financial turbulence in the cryptosphere.
Long position liquidations in the cryptocurrency market exceeded $242.87 million within the last 24 hours. The major loss among these was recorded on Ether at OKX, amounting to $7.53 million. This overwhelming decline affected asset values and an estimated 83,164 players, causing hesitation in investment and reduced trading volumes.
Despite the fluctuations in the 30-stock index and the Russell 2000 Index which managed to show only a minor increase, the Wilshire 5000 Index surged by 0.25%.
Bitcoin’s resilience amidst financial instability
The global MSCI World Index felt the ripples, ending flat at 2,456.97. These changes highlight the market’s unpredictability, therefore expecting potential rebounds or further drops.
Investors eagerly await the March consumer price index report due Wednesday, expected to show a 0.3% month-on-month inflation rise for March. This key report will provide insight into potential interest rate changes by the Federal Reserve.
In the opinion of Van de Poppe, Bitcoin might head towards a downward trend, leading to a market consolidation. Meanwhile, Benjamin Cowen warns of potential market corrections should altcoins lose value against Bitcoin. Discussions are ongoing about Bitcoin’s path after April, especially after the mid-April halving event, and the outcomes could largely depend on the altcoin/Bitcoin pairings.
