Bitcoin hit $27,280 (roughly Rs. 22.5 lakh) on Monday, March 20. This is the highest price that Bitcoin has managed to soar to so far in 2023. On international exchanges such as Binance and Coinbase among others, BTC values have begun to inch gradually towards its next expected resistance level of $30,000 (roughly Rs. 24.7 lakh). Despite the market fluctuations, BTC has managed to show a significant growth curve in the last three months. On January 2, that also marked the first Monday of 2023, BTC was trading at just $16,570 (roughly Rs. 13.7 lakh).
Ether price also spiked over the weekend. The second-most expensive cryptocurrency is presently trading at $1,754 (roughly Rs. 1.44 lakh). As per Gadgets 360's crypto price tracker, ETH did record a minor loss of 1.36 percent on Monday morning, despite having seen a price hike of $47 (roughly Rs. 3,876) in the last two days.
“The world's largest digital asset Bitcoin is again gaining momentum with a jump of 22 percent in just seven days. The collapse of US banks like SVB and Signature has rekindled the debate on the importance of DeFi and digital assets. Bitcoin is poised to test $30,000 (roughly Rs. 24.7 lakh) very soon but may face some resistance at that level. The FOMC meeting this week will be a major market-moving factor,” Shivam Thakral, CEO of BuyUcoin told Gadgets 360.
The crypto market valuation, that rose to $1.15 trillion (roughly Rs. 95,61,765 crore) during the weekend, did see a miniscule dip of 0.09 percent on Monday, showed CoinMarketCap.
Several cryptocurrencies reeled-in minor losses, but all continued to trade close to their respective risen values overall.
Stablecoins Tether, USD Coin, and Binance USD fell in prices.
They were further joined by Cardano, Polygon, Solana, Polkadot, Litecoin, and Tron among others.
Dogecoin and Shiba Inu — both reeled-in losses as well.
Experts are of the belief that with the collapse of three banks in the US, investors could be worried about liquidity concerns that is causing the crypto market to be shaky.
“Reduced liquidity remains a concern for some, as data from an analytics firm shows a decrease in transfer volume, active addresses, and transactions. As always, investors are advised to exercise caution and conduct thorough research before making investment decisions,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
Some altcoins, did however, record gains alongside BTC and ETH. These include Wrapped Bitcoin, Leo, Bitcoin Cash, Stellar, and Cronos.
Industry insiders are hopeful that the instability in the banking sector could add to the popularity of cryptocurrencies in the times to come.
“The last time BTC traded above the $28,000 (roughly Rs. 23 lakh) region was in June 2022. Though it is down by 59 percent from its all-time high, BTC is up by 101 percent from its lowest cycle in January. With instability in the banking sector, inflation data that exceeded expectations, and renewed optimism about a dovish Federal Reserve, Bitcoin has reached levels unseen in approximately nine months,” Edul Patel, the CEO of Mudrex crypto investment platform told Gadgets 360.
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.
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