Crypto insiders weren’t wrong when they recently warned investors against making “emotional investments” in the bull market. After days of recording profits, Bitcoin on Thursday, recorded a dip of 3.28 percent in value. At the time of writing, the world’s most widely used cryptocurrency was trading at the price of $27,371 (roughly Rs. 22.5 lakh). The price movement of Bitcoin was also replicated on international exchanges such as Binance and Coinbase. In the last 24 hours, BTC values dropped by $765 (roughly Rs. 62,947) from yesterday’s price of $28,136 (roughly Rs. 23 lakh).
Etheruem followed Bitcoin to slip down the price ladder. With a loss of 3.92 percent, the price of ETH dipped to $1,738 (roughly Rs. 1.43 lakh) on Thursday. A day ago, the second most expensive cryptocurrency after BTC was trading at $1,802 (roughly Rs. 1.4 lakh).
Gadgets 360’s crypto price tracker reflected losses next to most cryptocurrencies.
These include stablecoins Tether, USD Coin, Ripple, and Binance USD, as well as, altcoins like Cardano, Polygon, Solana, and Polkadot among others.
Both meme coins — Dogecoin and Shiba Inu also recorded losses.
“The SEC’s recent actions against Coinbase and Tron founder Justin Sun highlight ongoing concerns about securities violations and market manipulation in the crypto world. Further regulatory measures may be needed to address these issues. Investors are anticipating the Federal Reserve’s decision on interest rates also,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
While the SEC has charged Coinbase over the categorisation of some crypto products, it has sued crypto entrepreneur Justin Sun for allegedly violating securities rules. Elaborate details on both the cases are yet to be revealed.
The overall crypto market cap tumbled by 3.19 percent in the last 24 hours, as per CoinMarketCap. The sector valuation, at the time of writing, stood at $1.15 trillion (roughly Rs. 94,33,666 crore).
Only a handful of cryptocurrencies managed to record profits today. These include Litecoin, Wrapped Bitcoin, Bitcoin Cash, and Flex.
The collapse of three centralised banks in the US have pushed investors towards the crypto sector in recent weeks.
Despite the volatile element of the crypto market, investors around the world appear ready to give crypto a chance as an investment tool.
The Paris Blockchain Week kicked off this week and the event is expected to see over 10,000 attendees and over 400 speakers addressing different topics related to the crypto, blockchain, and Web3 technologies over the course of three days.
Polkadot, meanwhile, is bringing its first global conference to India. The ‘Polkadot Now India conference, slated for the first week of April in Bengaluru, is expected to gather several blockchain industry players for panel discussions and interactive workshops.
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.