Bitcoin, Ether Record Big Drops, Overall Crypto Chart Reflects Losses

The overall crypto price chart saw losses on Friday, March 15. Bitcoin, that had been rallying for days, was hit with a notable loss of 7.90 percent. At the time of writing, Bitcoin was trading at $67,765 (roughly Rs. 56.1 lakh). Over the last day, the value of BTC has decreased substantially by $5,353 (roughly Rs. 4.43 lakh). Before receding, Bitcoin had managed to maintain its value above the mark of $73,000 (roughly Rs. 60.5 lakh) for most part of the week.

Ether recorded an even bigger loss than Bitcoin as the market turned negative on Friday. The value of ETH reached $3,500 (roughly Rs. 2.90 lakh) after the asset dropped in price by 11.31 percent. The maximum price that ETH managed to touch this week was $3,950 (roughly Rs. 3.27 lakh).

“Bitcoin has experienced a flash dump in the last 24 hours. Ethereum also saw similar price action which could be linked to the announcement of the Producer Price Index (PPI) by the Fed, which was higher by 0.6 percent last month. The Fed is signalling that no interest rate cut could be expected at the May meeting,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Majority cryptocurrencies recorded losses on Friday following the slipping of BTC and ETH. These include Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and [Tron] (https://www.gadgets360.com/finance/tron-price-in-india-today-inr).

Uniswap and Litecoin also registered losses alongside BTC and ETH on Friday. The overall crypto market cap tumbled by 5.73 percent in the last 24 hours. At the time of writing, the crypto market valuation stood at $2.59 trillion (roughly Rs. 2,14,74,000 crore), as per CoinMarketCap.

Some cryptocurrencies did manage to retain gains on Friday. These include Bitcoin Cash, Near Protocol, Leo, and Iota.

Players of the crypto industry, meanwhile, are expanding their businesses and operations on an international level. Cryptocurrency exchange OKX’s Singapore subsidiary, for instance, received the in-principal approval for a payments licence to operate in the city-state.

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.