Crypto Market Sees Significant Losses on Friday
The crypto market experienced notable losses on Friday, March 15, with Bitcoin leading the downward trend. After days of rallying, Bitcoin saw a substantial loss of 7.90 percent, trading at $67,765 (roughly Rs. 56.1 lakh) at the time of reporting. The value of BTC decreased by $5,353 (roughly Rs. 4.43 lakh) within the last day, dropping below the $73,000 (roughly Rs. 60.5 lakh) mark it had maintained for most of the week.
Ether Plummeted, Dragging Down Market Sentiment
Ether also faced significant losses on Friday, with a drop of 11.31 percent, bringing its value to $3,500 (roughly Rs. 2.90 lakh). Despite reaching a high of $3,950 (roughly Rs. 3.27 lakh) earlier in the week, ETH couldn’t sustain its gains.
According to Shivam Thakral, CEO of BuyUcoin, the recent flash dump in Bitcoin and Ethereum prices could be attributed to the Fed’s announcement of the Producer Price Index (PPI) showing a 0.6 percent increase last month. The Fed’s indication of no interest rate cut at the upcoming May meeting likely influenced market sentiment.
Major Cryptocurrencies Followed Suit
Following Bitcoin and Ether, other major cryptocurrencies like Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron also recorded losses on Friday. Uniswap and Litecoin were not spared either, contributing to a 5.73 percent decrease in the overall crypto market cap.
The total crypto market valuation stood at $2.59 trillion (roughly Rs. 2,14,74,000 crore) as per CoinMarketCap data, reflecting the bearish sentiments prevalent in the market.
Resilient Performers Among Cryptocurrencies
Despite the widespread losses, some cryptocurrencies managed to retain gains on Friday. Bitcoin Cash, Near Protocol, Leo, and Iota were among the few tokens that bucked the downward trend, showcasing resilience amidst the market turmoil.
Industry Players Expand Internationally
In the midst of market volatility, players in the crypto industry are expanding their businesses globally. For instance, OKX’s Singapore subsidiary recently received in-principal approval for a payments license in Singapore, signaling its intention to operate within the city-state.
Disclaimer: Cryptocurrency remains an unregulated digital asset, posing market risks and not constituting legal tender. The information presented in this report should not be construed as financial or trading advice. NDTV does not endorse or offer any specific recommendations, and readers should be cautious of investing based on perceived suggestions in this article.
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