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PDAXScope: Bitcoin Tumbles Below $60K, Ether Under $3K

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PDAX

April 19, 2024

4 min read

PDAXScope Crypto News

Crypto news

Bitcoin Tumbles Below $60K, Ether Under $3K; Correction Not Over, Says Strategist

Bitcoin experienced a significant drop, erasing its previous gains from Saturday's selloff recovery. During the Wednesday U.S. trading session, it fell below the $60,000 mark, hitting a low of $59,900, down over 3% in the last 24 hours. This is its lowest price since early March, even though it had briefly climbed back above $64,000 earlier in the day. Ether, the second-largest cryptocurrency, also saw a decline, dropping below $3,000 and decreasing by 2.5% over the same period.

Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions

Bitcoin's fourth mining-reward halving will be on April 20, 2024, reducing the cryptocurrency's per block emission to 3.125 BTC from 6.25 BTC, thereby slowing down the pace of new supply. Previous halvings have led to substantial rallies in BTC prices, and many in the crypto community anticipate a similar outcome this time. However, investment banking giant Goldman Sachs advised caution, noting that while past halvings were followed by price appreciation, the time taken to reach all-time highs varied significantly. They emphasized the importance of considering current macroeconomic conditions and warned against assuming that past cycles will precisely repeat.

Global news

Dollar takes a breather as investors ponder US rates outlook

The dollar weakened as traders considered the U.S. interest rate outlook following comments from Federal Reserve officials suggesting that monetary policy would remain restrictive for a while. Despite recent rises due to strong U.S. economic data and inflation concerns, the expectation of rate cuts in the near term has diminished. Additionally, tensions in the Middle East have contributed to the dollar's appeal as a safe asset.

US nods to 'serious' Japan, S.Korea concerns over slumping currencies

The United States, Japan, and South Korea held their first trilateral finance dialogue, agreeing to "consult closely" on foreign exchange markets. This agreement addresses concerns from Tokyo and Seoul about recent sharp declines in their currencies. The dialogue was prompted by receding expectations of a near-term U.S. interest rate cut, which pushed the yen to 34-year lows, leading to speculation about potential intervention by Japan to support its currency.

Local news

Peso won’t derail rate cuts in Q4

Governor Remolona, Jr. of the Philippine central bank stated that despite the peso's decline to a 17-month low, the bank plans to cut its key rate, possibly in the fourth quarter of the year. However, if economic conditions worsen, the rate cut might be postponed to the first quarter of 2025. The recent weakening of the peso, along with other regional currencies, is attributed to market expectations of delayed interest rate cuts by central banks worldwide, particularly the US Federal Reserve.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 

Email: consumeraffairs@bsp.gov.ph; 

Webchat: http://www.bsp.gov.ph (click webchat feature); 

Facebook: https://www.facebook.com/BangkoSentralngPilipinas; 

Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584;  or SMS: 21582277 (for Globe subscribers only). 

For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.

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