Status, Bitcoin Cash reflected price dips next to BTC, ETH
The current crypto market cap stands at $2.65 trillion (roughly Rs. 2,31,11,842 crore)
Photo Credit: Pixabay/ WorldSpectrum
The overall crypto market is undergoing a period of volatility amid ongoing macro-economic tensions like tariff wars. On Wednesday, March 12, Bitcoin price dropped by 2.15 percent and 3.65 on international and national exchanges. BTC is presently trading at $81,778 (roughly Rs. 77.4 lakh) on global platforms as per CoinMarket Cap. On Indian exchanges like Giottus and CoinSwitch, BTC is priced $83,703 (roughly Rs. 73 lakh).
“Bitcoin is facing turbulence, and its action is uncertain, driving the broader crypto market. Investors must ready themselves for choppy times as the crypto scene navigates key resistance points and regulatory news that can change the direction of the market in weeks ahead,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
Ether has also been undergoing losses throughout the week. On Wednesday, the asset reflected a drop of under one percent to trade at $1,873 (roughly Rs. 1.63 lakh) on international exchanges. This is the first time in almost a year that the price of Ether has dipped under the mark of $2,000 (roughly Rs. 1.74 lakh). Indian exchanges show Ether trading at $2,009 (roughly Rs. 1.75 lakh) after clocking a loss of 1.53 percent.
ETH's recent drop toward the $2,000 (roughly Rs. 1.74 lakh) mark triggered the liquidation of over $918 million (roughly Rs. 8,006 crore) in leveraged long positions in ETH futures within just 15 days. A clear lack of institutional interest is evident in spot exchange-traded fund (ETF) flows. If prices hold and sustain above $1,750 (roughly Rs. 1.52), a relief rally could be expected. However, if support is breached, ETH may continue its decline and test the $1,500 (roughly Rs. 1.30 lakh) level,” said the ZebPay Trade Desk.
Majority altcoins reflected small gains on Gadgets 360's crypto price tracker on Wednesday.
The overall crypto market cap rose by 2.09 percent over the last day to claim the valuation of $2.65 trillion (roughly Rs. 2,31,11,842 crore), showed CoinMarketCap.
“Investors are closely monitoring the upcoming U.S. inflation report under President Trump's administration, as its implications for monetary policy and risk assets could heavily influence market dynamics. The broader market sentiment remains cautious, with many investors awaiting further confirmation of a sustained recovery,” the CoinSwitch Markets Desk told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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