Bitcoin Soars Over $24,700, Stablecoins Suffer Small Losses: Details

Bitcoin grew by 1.48 percent to trade at $24,741 (roughly Rs. 20.3 lakh) on Tuesday.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 15 March 2023 11:27 IST

Bitcoin Soars Over $24,700, Stablecoins Suffer Small Losses: Details

Photo Credit: Pexels/ DS Stories

The total valuation of the sector now stands at $1.1 trillion

Highlights

Binance Coin recorded gains
Dogecoin, Shiba Inu saw profits
Monero, Dash settled with losses

Most cryptocurrencies rose on Tuesday, March 15 after consumer-level inflation seemed to slow down, as per the latest data released by US regulators. Bitcoin grew by 1.48 percent to trade at $24,741 (roughly Rs. 20.3 lakh) on Tuesday. The oldest cryptocurrency is inching closer to the mark of $25,000 (roughly Rs. 20.5 lakh) on both, national as well as international exchanges. In the last 24 hours, BTC rose in price by $395 (roughly Rs. 32,525).

Ether bagged a minor gain of 1.81 percent, continuing to follow Bitcoin on its trajectory. At the time of writing, ETH was trading at $1,704 (roughly Rs. 1.4 lakh) as per Gadgets 360's crypto price tracker.

“These positive movements indicate that there is a bullish activity in the market,” Edul Patel, the CEO of Mudrex, told Gadgets 360.

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Majority of the popular cryptocurrencies recorded gains in step with BTC and ETH.

These include Binance Coin, Polygon, Solana, Polkadot, and Litecoin.

Dogecoin and Shiba Inu also minted minor profits retaining greens on the crypto price charts.

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“As per the latest data, US consumer inflation has slowed down but it's still on the higher side which may drive Fed to continue its hawkish stance. If the macroeconomic factors continue to remain favourable then we may see Bitcoin testing $30,000 (roughly Rs. 24.7 lakh) level very soon,” Shivam Thakral, CEO of the BuyUcoin crypto exchange told Gadgets 360.

The overall crypto market cap grew by 1.81 percent in the last 24 hours. The total valuation of the sector now stands at $1.1 trillion (roughly Rs. 1,10,009 crore) as per CoinMarketCap.

While most cryptocurrencies roped-in hikes, stablecoins did record snags.

Tether, USD Coin, and Binance USD — all recorded losses.

Cardano, Tron, Monero, and Dash joined stablecoins on the loss-making side of the crypto chart.

Speaking to Gadgets 360, WazirX Vice President Rajagopal Menon has sounded an alert that the crypto market could still witness some level of performance fluctuation in the coming days.

“Small and mid-sized financial institutions will now be expected to come under increased scrutiny from regulators. This might create a temporary uncertainty for fiat on ramp services for crypto companies. The Asian and European markets might exercise extra caution and introduce laws for banks to be exposed to small tech companies as well as crypto businesses,” Menon said, expanding on the possible aftermath of the collapse of three crypto-friendly banks last week in the US.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More