Due to continuous macroeconomic tensions like tariff wars, the cryptocurrency market as a whole is going through a period of instability. The price of Bitcoin fell 2.15 percent and 3.65 percent on both national and international exchanges on Wednesday, March 12. According to CoinMarket Cap, Bitcoin is currently trading for $81,778 (around Rs. 77.4 lakh) on international exchanges. The price of Bitcoin is $83,703 (around Rs. 73 lakh) on Indian platforms such as Giottus and CoinSwitch.
The wider cryptocurrency market is being driven by the volatility and erratic behaviour of Bitcoin. As the cryptocurrency landscape navigates important resistance points and regulatory developments that could alter the market’s trajectory in the coming weeks, investors should brace themselves for rough times, Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets 360.
Over the course of the week, Ether has also seen losses. The asset saw a decline of less than 1% on Wednesday, trading at $1,873 (about Rs. 1.63 lakh) on global exchanges. Ether’s price has fallen below $2,000 (about Rs. 1.74 lakh) for the first time in nearly a year. After recording a 1.53 percent loss, Ether is currently trading at $2,009, or around Rs. 1.75 lakh, on Indian platforms.
Over $918 million (approximately Rs. 8,006 crore) in leveraged long bets in ETH futures were liquidated in just 15 days as a result of ETH’s recent decline towards the $2,000 (approximately Rs. 1.74 lakh) barrier. Clearly, spot exchange-traded fund (ETF) flows show no institutional interest. Price stability above $1,750 (about Rs. 1.52) may indicate a relief rally. The ZebPay Trade Desk stated that ETH might continue to fall and test the $1,500 (around Rs. 1.30 lakh) level if support is broken.
On Wednesday, the majority of cryptocurrencies showed slight increases on Gadgets 360’s cryptocurrency price tracker.
These consist of Chainlink, Dogecoin, Solana, Ripple, and Binance Coin.
Over the past 24 hours, other altcoins like Stellar, Avalanche, Litecoin, Shiba Inu, and Leo have also seen slight increases.
According to CoinMarketCap, the total value of the cryptocurrency market increased by 2.09 percent in the last day, reaching a valuation of $2.65 trillion, or approximately Rs. 2,31,11,842 crore.
In the meantime, BTC and ETH were joined on the losing side of the price charts by Tron, Bitcoin Cash, Cronos, Zcash, and Status.
CREDIT: Gadget360, Allneeds
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