Bitcoin Slips to Lowest in Weeks, Ether Joins Majority Cryptocurrencies in Seeing Losses

In the last 24 hours, BTC reduced in value by $407 (roughly Rs. 33,324).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 9 March 2023 11:36 IST

Bitcoin Slips to Lowest in Weeks, Ether Joins Majority Cryptocurrencies in Seeing Losses

Photo Credit: Unsplash/ Olieman.eth

The market cap of the crypto sector currently stands at $998 billion

Highlights

Litecoin saw losses
The price of Dogecoin also dipped
Qtum, Augur retained gains

Bitcoin sunk to its lowest value in three weeks on Thursday, March 9, as the market shuffle triggered by the Silvergate fiasco only raised more concerns among investors. With a loss of 2.05 percent, the value of Bitcoin slipped to the price point of $21,748 (Roughly Rs. 17.8 lakh) overnight. In the last 24 hours, BTC reduced in value by $407 (roughly Rs. 33,324). BTC's situation remains similar on both national as well as on international exchanges.

Ether fell by 1.85 percent to trade at $1,537 (roughly Rs. 1.25 lakh), showed the crypto price tracker by Gadgets 360. The value of ETH dipped by $15 (roughly Rs. 1,228).

The last ten days have witnessed crucial changes in the trading sentiment around the crypto assets. Both the top two cryptocurrencies, Bitcoin and Ether fell notably from their March 1 values that stood respectively at $23,422 (roughly Rs. 19 lakh) and $1,635 (roughly Rs. 1.35 lakh).

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“Investors and traders tried to digest the major negative development from last week around crypto-friendly bank Silvergate Capital. After it failed to submit its 10-K filing, the stock came under tremendous pressure as fears of bankruptcy gained traction. Major US crypto players severed banking relations while their settlement platform SEN was shut down,” Parth Chaturvedi, the Crypto Ecosystem Lead, CoinSwitch told Gadgets 360 explaining the factors that have left the crypto market shook in recent days.

Most cryptocurrencies on Thursday were met with value dips.

These include stablecoins like Ripple, USD Coin, Tether, as well as Binance USD.

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Cardano, Polygon, Solana, Polkadot, as well as Litecoin — all recorded minor losses.

Memecoins Dogecoin and Shiba Inu were spotted taking different sides on the crypto price charts. While DOGE settled with losses, SHIB managed to mint peripheral profits.

Underdog altcoins Qtum and Augur joined SHIB on the green-side of the crypto chart.

The global crypto market valuation slipped by 1.54 percent over the last 24 hours. The market cap of the crypto sector currently stands at $998 billion (roughly Rs. 81,74,010 crore). At the beginning of the month, the market cap stood at $1.08 trillion (roughly Rs. 89,26,560 crore).

Amid the fluctuating volatility of the crypto sector, India has decided to bring virtual digital assets under its Prevention of Money Laundering Act (PMLA).

.@FinMinIndia's notification to bring VDA transactions under #PMLA is a positive step in recognizing the sector.

This will strengthen our collective efforts to prevent VDAs from being misused by bad actors.@CoinSwitch has always prioritized KYC & responsible use of crypto. pic.twitter.com/PENmEMiWHN
— Ashish Singhal (@ashish343) March 8, 2023

“Finance Ministry's notification to bring VDA transactions under the PMLA is a positive step in recognising the sector. We took a conscious decision in 2021 to limit crypto movement within our KYC-compliant ecosystem to ensure transparency and compliance with the laws of the land. The new rules are introduced to prevent misuse of crypto, such as money laundering, and they do not stop the regular, KYC-verified conversion of crypto to INR,” Ashish Singhal, the CEO of CoinSwitch told Gadgets 360.

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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, Chainlink, Monero, Qtum, Augur

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