Bitcoin is trading around $84,940 (roughly Rs. 74 lakh) on global exchanges.
The crypto market valuation has hit $2.81 trillion (roughly Rs. 2,44,96,044 crore)
Photo Credit: Pixabay/ Sergei Tokmakov
The overall crypto market is facing the impact of new tariff policies introduced by the White House under the US President Donald Trump. On Thursday, February 27, Bitcoin price dropped by over four percent to trade at $84,940 (roughly Rs. 74 lakh) on global exchanges, its lowest level since November last year. According to market analysts, the crypto sector is facing a selling pressure after President Trump announced 25 percent tariffs on imports from the EU. On Indian exchanges, Bitcoin is trading at $89,345 (roughly Rs. 78 lakh), clocking a loss of around six percent over the last day.
"Trump's plan to impose tariffs on the European Union added to the selling pressure, triggering a market-wide correction. Despite ongoing outflows, historical trends suggest that such re-accumulation phases lead to a market reset and a subsequent rally. BTC could test $80,000 (roughly Rs. 69.8 lakh) before making a decisive move, shifting its trajectory upward,” Edul Patel, CEO and Cofounder of Mudrex told Gadgets 360.
Ether clocked a price drop of 6.71 percent on global exchanges to trade at $2,322 (roughly Rs. 2.03 lakh). The asset followed a similar trajectory on Indian exchanges. The crypto price tracker by Gadgets 360 showed ETH trading at $2,430 (roughly Rs. 2.12 lakh) after seeing a loss of over eight percent.
“Ether has strong support at $2,350 (roughly Rs. 2.05 lakh) and $2,150 (roughly Rs. 1.87 lakh), while the $2,800 (roughly Rs. 2.44 lakh)–$3,000 (roughly Rs. 2.61 lakh) zone will act as strong resistance,” the ZebPay trade desk told Gadgets 360.
While Bitcoin and Ether are undergoing losses, altcoins showed mixed price movement on Thursday.
Ripple, Binance Coin, Solana, Dogecoin, Cardano, Tron, and Chainlink reflected losses on the crypto price tracker.
Stellar, Uniswap, Monero, Cronos, and EOS Coin also registered price dips on Thursday.
The overall crypto market cap fell by 4.44 percent in the last 24 hours. With this, the valuation of the market has tumbled to $2.81 trillion (roughly Rs. 2,44,96,044 crore), as per CoinMarketCap. The dominance of Bitcoin on the market presently stands at 59.75 percent.
“Institutional selling and macroeconomic instability have shaken confidence, raising questions about whether the crypto market is facing a temporary correction or the start of a deeper downturn. The coming weeks will test whether Bitcoin and crypto can withstand these pressures or if further declines are on the horizon,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
Tether and USD Coin -- both stablecoins pegged against the US dollar – managed to maintain their 1:1 ratio with the US dollar.
Avalanche, Shiba Inu, Leo, Polkadot, Cosmos, and Elrond showed minor gains.
“Ethereum, Solana, Cardano, etc. tested their crucial support; Litecoin, Chainlink, and memecoins like Pepe, Shiba Inu remained bullish during the crypto blood bath. The BTC dominance has been dented notably, which suggests the trader's focus could have shifted slightly to the altcoins,” said the CoinDCX Research Team.
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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