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Global crypto market takes a hit as Bitcoin dips below $65.3K

06:34 PM | 25 Apr, 2024
bitcoin

Amidst negative global cues, the cryptocurrency market witnessed a notable downturn on Thursday, with Bitcoin dropping 4% to $64,278 and Ethereum declining over 3% to $3,156. This downward trend extended to other major cryptocurrencies, including Solana (-6.8%), XRP (-4%), Dogecoin (-6.4%), Toncoin (-6.5%), Cardano (-6%), Shiba Inu (-7.7%), and Avalanche (-9.1%), all registering losses.

According to the CoinDCX Research Team, the crypto market faced headwinds due to renewed tensions in the Middle East and concerns about China's economic health, which impacted investor confidence. Additionally, slowed inflows into Exchange-Traded Funds (ETFs) contributed to the prevailing negative sentiment. Consequently, the global cryptocurrency market cap fell by 3.9% to around $2.37 trillion within the last 24 hours.

Data from CoinMarketCap reveals that the total volume in Decentralized Finance (DeFi) stands at $6.33 billion, constituting 7.64% of the total crypto market's 24-hour volume. Meanwhile, the volume of all stablecoins has reached $76.85 billion, comprising 92.72% of the total crypto market's 24-hour volume. In the same period, the market cap of Bitcoin, the world's largest cryptocurrency, dropped to $1.265 trillion, with Bitcoin's dominance currently at 53.39%, according to CoinMarketCap. BTC volume in the last 24 hours surged by 27.6% to $30.8 billion.

Sathvik Vishwanath, Co-Founder & CEO of Unocoin, provided insights into the technical outlook for Bitcoin, highlighting resistance at $67,687 and support at $63,654. Vishwanath suggested that bullish sentiment prevails above $65,825; however, a breach of this pivot point could trigger a downtrend.

As market participants navigate through these challenging conditions, close attention is being paid to key levels and indicators for potential shifts in market sentiment and price trajectories.

The author is a staff member.

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 May 2024

Pakistani currency rates against US Dollar and other currencies on May 28, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.25 for selling.

Euro stands at 298 for buying and 301 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal increased to 73.45.

Source: Forex Association of Pakistan. (last update 08:00 AM)

Currency Symbol Buying Selling
US Dollar USD 277.4 280.25
Euro EUR 298 301
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.25 75.9
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.03 748.03
Canadian Dollar CAD 203 205
China Yuan CNY 38.42 38.82
Danish Krone DKK 40.44 40.84
Hong Kong Dollar HKD 35.62 35.97
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 904.07 913.07
Malaysian Ringgit MYR 59.05 59.65
New Zealand Dollar NZD 170.03 172.03
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Bhat THB 7.6 7.75

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