The crypto market has remained sluggish throughout March, with no significant changes expected in the near term. On Wednesday, March 19, Bitcoin saw a marginal decline of less than one percent across national and international exchanges. According to CoinMarketCap, the asset is currently trading at $83,000 (roughly Rs. 71.8 lakh) on global platforms. Meanwhile, Indian exchanges like CoinSwitch and CoinDCX list Bitcoin within the $85,515 (Rs. 74.8 lakh) to $87,509 (Rs. 75.7 lakh) range.
“Bitcoin continues to trade around $83,000 (roughly Rs. 71.8 lakh), showing early signs of accumulation, according to Glassnode data. Historically, accumulation is an indication of recovery. Another sign of a trend reversal is the renewed demand from spot Bitcoin ETFs with $274 million (roughly Rs. 2,370 crore) in inflows seen on Monday—the highest in six weeks,” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360. “A key catalyst for Bitcoin’s breakout above $85,000 (roughly Rs. 73.5 lakh) could be any update from the Fed on quantitative tightening, which may further boost investor confidence.
Ether managed to see a 1.38 percent gain on international exchanges. At present, ETH is trading at $1,933 (roughly Rs. 1.67 lakh) on international exchanges. The asset also managed to gather small profits of under two percent on Indian exchanges, taking its price to $2,022 (roughly Rs. 1.75 lakh).
“Traders are closely watching the Federal Open Market Committee (FOMC) meeting scheduled for today, which could influence monetary policy. Key announcements include the decision on interest rates and the release of quarterly economic projections from committee members,” said the CoinSwitch Markets Desk – predicting volatility to linger for a while, advising caution to investors.
The crypto price tracker by Gadgets 360 showed majority altcoins trading in losses on Wednesday.
These included Ripple, Binance Coin, Solana, Cardano, and Dogecoin.
Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Monero, Cronos, and Cosmos also registered price dips on Wednesday.
“The rise in volatility appears to have raised huge concerns among US lawmakers who have urged President Donald Trump to drop crypto before it shakes up the financial system of the country. However, the supporters see a different story with Trump’s crypto push fueling innovation and Musk’s control of red tape,” the CoinDCX Research Team said. “The bears continue to have a strong hold over the crypto markets as tokens face a notable drop from their consolidated range. While altcoins like XRP, LTC, ETH, UNI, etc., and a few more display strength, BTC, ADA, SOL, and SHIB display the possibility of a bearish pullback.”
The crypto market cap presently stands at $2.71 trillion (roughly Rs. 2,34,47,064 crore), with a miniscule rise of 0.03 percent, as per CoinMarketCap.
Meanwhile, several altcoins joined Ether in reflecting small profits. These included Tron, Leo, Stellar, Avalanche, Uniswap, and Near Protocol.
Market analysts predict the markets to remain choppy in the coming days.
“Geopolitical events like the Trump-Putin call on Ukraine add more market uncertainty. High whale accumulation suggests that wise money is still involved based on strategic orientation. Traders will have to negotiate changing sentiment and technical trends as volatility continues, always on lookout for breakout possibilities or more significant corrections,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
