Bitcoin 6f4b6y Ether Trade Sideways, Most Altcoins Price Dips Amid Industry Turmoil

In the last 24 hours, the value of Bitcoin has dropped by $143 (roughly Rs. 11,920). 3m3t47

Written by Siddharth Suvarna | Updated: 28 March 2024 12:40 IST

Bitcoin, Ether Trade Sideways, Most Altcoins Price Dips Amid Industry Turmoil

Photo Credit: Pixabay/ WorldSpectrum 494c1i

The overall crypto market cap, as of Thursday, stands at $2.62 trillion

Highlights

Cronos, Stellar saw losses
Leo, Cosmos saw gains
Chainlink, Uniswap recorded losses

ment

Majority cryptocurrencies ed losses on Thursday, March 28 in the aftermath of industry players like Binance, Coinbase, and KuCoin facing legal issues in different parts of the world. Bitcoin on Thursday managed to see a miniscule gain of 0.06 percent. With this, the value of Bitcoin has come to the point of $67,145 (roughly Rs. 55.9 lakh). In the last 24 hours, the value of Bitcoin dropped by $143 (roughly Rs. 11,920). Markets experts expect the asset to cross the mark of $70,000 (roughly Rs. 58.3 lakh) in the coming days.

“Technically, BTC is consolidating within a range after an upward movement, finding at the 20EMA 4 H level, which is robust. The key level remains at $69,000 (roughly Rs. 57.5 lakh), with BTC needing to maintain position above it. Resistance is at the all-time high, which BTC must clear for new highs,” the CoinDCX team told Gadgets360.

Ether recorded a loss of 2.13 percent on Thursday. The asset is currently trading at the price point of $3,360 (roughly Rs. 2.80 lakh).

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“ETH continues to underperform BTC, currently hovering slightly above $3,500 (roughly Rs. 2.90 lakh) and below the 20EMA. To see a significant upside move, ETH must first sur $3,650 (roughly Rs. 3.04 lakh) while $3,450 (roughly Rs. 2.87 lakh) serves as a level,” the CoinDCX team added.

Avalanche -- found themselves following Ether towards the loss-making side of the crypto chart.

Other cryptocurrencies that failed to any gains on Thursday include Uniswap.

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The overall crypto market cap, as of Thursday, stands at $2.62 trillion (roughly Rs. 2,18,43,778 crore) after the valuation dipped by 1.33 percent in the last 24 hours, showed CoinMarketCap.

Profit-making cryptocurrencies, meanwhile, include Braintrust.

The market volatility could persist for a while as some of the biggest exchanges in the sector are undergoing legal issues. Binance, for instance, is facing inquiry in Nigeria after a company executive managed to escape custody and fled the nation.

KuCoin has been charged by the US' CFTC for operating an illegal digital asset derivatives exchange. Meanwhile, a court in the US has reportedly ruled that the SEC has made a plausible argument that Coinbase is operating as an uned broker, exchange, and clearinghouse.

Clarity in the resolution of these industrial hurdles could help the crypto sector snap out of its volatility phase.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More