Crypto On April 18: Market Slips, Most Top Coins Back In Red

The cryptocurrency market got a bearish start to the week as top coins, including Bitcoin and Ethereum, saw a sharp dip in prices. Industry insiders believe that this comes as investors are gripped with fear amid rising inflation in the U.S. However, corporate support continues to make cryptos mainstream, they add.

The global market cap was down 3.97% at $1.81 trillion, as of 4.14 a.m. ET, CoinMarketCap data showed.

Bitcoin dipped 3.36% to $39,010. Ethereum, too, plunged 4.71% to $2899. Barring a slight uptick in Tether, all other top 10 tokens traded in the red. Meme cryptos Dogecoin and Shiba Inu too dipped.

Noting that the Consumer Price Index data for March showed an 8.5% year-over-year rate increase — slightly above expectations and the highest yearly climb since 1981, the global crypto exchange OKX research team said, "As investors fear deflationary regulation will come to combat this increase, markets experienced further drops in risk-on assets."

Industry insiders also believe that sustained corporate interest in crypto has ensured continued buying pressure, cushioning major macro-induced sell-offs.

"With regulatory clarity also starting to shape up, we might soon be entering a new era of accredited interest in digital assets," CoinDCX research team told International Business Times.

In other news, Robinhood CEO Vladimir Tenev has said that meme cryptocurrency Dogecoin could become the "currency of the Internet and people." In a series of tweets last week, Tenev highlighted the potential of Dogecoin in becoming the future cryptocurrency.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.