Cryptocurrency Price on April 16: Bitcoin drops 4% amid strong US retail sales data
Bitcoin dropped 4.5% to $63,044 in Tuesday's trading session as stronger-than-expected US retail sales for March further reinforced expectations that the US Federal Reserve will unlikely rush to cut interest rates this year.
Retail sales rose 0.7% last month, the Commerce Department's Census Bureau said. Data for February was revised higher to show sales rebounding 0.9%, the largest gain in just over a year, instead of the previously reported 0.6%.
Also, the crypto market witnessed a significant downturn attributed to heightened tensions between Iran and Israel.
Meanwhile, Ethereum, the second-largest crypto token, also plunged 5% to $3,070 at 11:56 am IST. Other major crypto tokens 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.
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View Details»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
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