The cryptocurrency market remains highly volatile due to ongoing macroeconomic and geopolitical developments. On Friday, March 7, Bitcoin recorded a loss of over five percent on international exchanges, bringing its price down to $87,726 (roughly Rs. 76.4 lakh), according to CoinMarketCap. A similar trend was observed on Indian exchanges, where platforms like CoinDCX, Giottus, and CoinSwitch reported a five percent decline, with Bitcoin trading around $90,575 (roughly Rs. 79 lakh).
“In one of the historical moments yesterday, President Donald Trump has signed the executive orders to establish what people are calling a “Digital Fort Knox” which directs its administration to hold the seized assets from criminal and civil proceedings. The market reaction to this news was a bit negative as people were expecting the US to deploy fresh capital to Bitcoin,” the CoinSwitch Market Desk told Gadgets 360.
Ether also succumbed to the market pressure and continued to trade in losses throughout the week. On Friday, Ether price dropped by six percent to trade at $2,168 (roughly Rs. 1.90 lakh) on international exchanges. On Indian platforms, Ether price dipped by 5.75 percent to trade at $2,295 (roughly Rs. 2 lakh).
“Investors remain optimistic, especially with today’s Crypto Summit on the horizon. Investors must remain vigilant as volatility might continue as the markets digest to the outcome,” Edul Patel, CEO and cofounder of Mudrex told Gadgets 360. The crypto price tracker by Gadgets 360 showed losses next to majority altcoins on Friday.
These include Binance Coin, Solana, Cardano, Avalanche, Chainlink, Shiba Inu, and Dogecoin.
Stellar, Polkadot, Uniswap, Litecoin, Leo, and Stellar also reflected losses on the price charts on Friday.
The overall crypto market cap tumbled by 4.10 percent in the last 24 hours. At present, the valuation of the crypto sector stands at $2.88 trillion (roughly Rs. 2,51,05,737 crore), as per CoinMarketCap.
Tether, Leo, Iota, Status, and Circuits of Value emerged among a handful of altcoins that showed profits on Friday.
“Thick bearish clouds continue to hover the BTC price and some of the altcoins. However, now that President Trump has officially signed an executive order to establish a strategic reserve in the country, BTC price is expected to rebound and form new highs,” the CoinDCX Research Team told Gadgets 360.
