Bitcoin reflected small price dips of under two percent on national and international exchanges on Monday, March 17. As shown by CoinMarketCap, the most expensive cryptocurrency is trading at $83,687 (roughly Rs. 72.6 lakh) on international exchanges. Meanwhile, Indian exchanges like CoinSwitch and Giottus show Bitcoin trading between $83,810 (roughly Rs. 72.7 lakh) and $87,506 (roughly Rs. 76 lakh). Bitcoin’s price has remained sluggish for over two weeks, following a decline earlier this month after US President Donald Trump escalated the ongoing tariff war.
“Bitcoin traded within a tight range over the weekend. US Bitcoin Spot ETFs recorded another week of heavy net outflows, with investors withdrawing over $900 million (roughly Rs. 7,817 crore). The 200-day simple moving average at $84,000 (roughly Rs. 72.9 lakh) remains a key resistance level, while immediate support stands at $80,000 (roughly Rs. 69.4 lakh). Over the past week, Bitcoin has gained only 1.6 percent,” the CoinSwitch markets desk told Gadgets 360.
Ether reflected a loss of 0.89 percent over the last day on global platforms, taking its price to $1,910 (roughly Rs. 1.65 lakh). On Indian exchanges, Ether price dipped by under two percent, bringing its value to $2,003 (roughly Rs. 1.74 lakh).
“Ethereum is struggling to secure a price of $2,000 (roughly Rs. 1.73 lakh), which could have offered a strong base, helping the token to test higher targets. With this, the market sentiments have slightly turned positive, which indicates the second fortnight of the month could attract a notable bullish volume, which could help to mount enough pressure,” said the CoinDCX Research Team, advising caution to investors.
The crypto price tracker by Gadgets 360 showed majority altcoins trading in losses on Monday.
These include Ripple, Tether, Solana, Dogecoin, Cardano, and Tron.
Avalanche, Chainlink, Stellar, Polkadot, and Uniswap emerged among other altcoins that reflected price dips on Monday.
The overall crypto market cap slipped down by 0.69 percent in the last 24 hours owing to the prevailing slowdown. At present, the valuation of the sector stands at $2.74 trillion (roughly Rs. 2,38,04,993 crore), as per CoinMarketCap.
Leo, Shiba Inu, Litecoin, and Monero managed to retain profits amid the market volatility. Cronos, and Bitcoin SV also saw gains.
“Bitcoin and the broader crypto market are experiencing volatility ahead of the Federal Reserve’s interest rate decision. The Crypto Fear and Greed Index has fallen to 22, reflecting increased uncertainty. With the market internalising macroeconomic factors and technicals, market participants are eyeing breakout catalysts. In the meantime, institutional demand is still robust, and the next steps of Bitcoin will determine the direction of the crypto universe over the next couple of weeks,” Avinash Shekhar, Co-Founder and CEO, Pi42.
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.
