Bitcoin market continues to be volatile as March approaches its end

The crypto market continues to be volatile as March approaches its end. Bitcoin on Friday, March 28 clocked a loss of under two percent on national and

March 08, 2024

The crypto market continues to be volatile as March approaches its end. Bitcoin on Friday, March 28 clocked a loss of under two percent on national and international exchanges.

The oldest, most expensive crypto asset is presently trading at $86,028 (roughly Rs. 73.8 lakh) on international exchanges, shows CoinMarketCap. On Indian exchanges, meanwhile, Bitcoin is trading within the range of $89,038 (roughly Rs. 76.2 lakh) and $90,536 (roughly Rs. 77.5 lakh).

“The downturn in major U.S. stock indices was primarily attributed to President Donald Trump's announcement of a 25 percent tariff on imported automobiles. Despite the broader market's reaction to trade policy changes, Bitcoin's price remained relatively stable, indicating resilience amid traditional market fluctuations,” the CoinSwitch markets desk told Gadgets 360.

Ether registered bigger losses compared to Bitcoin on Friday. At present, ETH is trading at $1.920 (roughly Rs. 1.64 lakh) after seeing a drop of 5.20 percent on global platforms. The asset clocked a similar degree of loss on Indian exchanges, bringing its value to $2,011 (roughly Rs. 1.72 lakh).

“Ethereum is gearing up for a potential relief rally. According to CoinGlass data, futures traders have committed 10.84 million ETH in total on exchanges in the standard contract in terms of open interest,” said Edul Patel, CEO and cofounder of Mudrex.

The crypto price tracker by Gadgets 360 showed majority altcoins having receded into losses - after briefly touching profits earlier this week.

Tether, Ripple, Solana, Dogecoin, USD Coin, Cardano, and Tron recorded losses on Friday.

Chainlink, Leo, Avalanche, Stellar, Shiba Inu,Polkdot, and Uniswap also registered price dips.

The overall crypto market cap fell by 2.12 percent in the last 24 hours. The valuation of the sector presently stands at $2.8 trillion (roughly Rs. 2,39,77,548 crore), according to data by CoinMarketCap.

“As the markets are heading towards the end of the month, the volume and volatility have dropped, due to which the tokens remain consolidated in a narrow range. No major drop is seen in the market capitalization and volume, which keeps bullish hopes high,” the CoinDCX research team told Gadgets 360.

Binance Coin, Cronos, Iota, Circuits of Value, and Bitcoin Hedge, meanwhile, managed clock small profits.

“The escalation of trade tensions following President Trump's tariff announcement has introduced fresh volatility into traditional markets. With the PCE Index data point set to be released today, traders are anticipating potential shifts in macro sentiment. Historically, periods of heightened geopolitical and economic uncertainty have elevated assets like Bitcoin as preferred alternative stores of value. On a positive note, Bitcoin ETFs continue to attract steady inflows, showcasing persistent institutional interest,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.

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.