Bitcoin, Ether register big drops, overall crypto chart reflects losses

The overall cryptocurrency price chart saw losses on Friday, March 15. Bitcoin, which had been rising for days, was hit with a significant loss of 7.90 percent. At the time of writing, Bitcoin was trading at $67,765 (roughly Rs. 56.1 lakh). In the last day, the value of BTC has decreased significantly by $5353 (approx. Rs. 4.43 lakh). Before retreating, Bitcoin managed to hold above the $73,000 mark (roughly Rs. 60.5 lakh) for most of the week.

Ether recorded an even bigger loss than Bitcoin as the market turned negative on Friday. The value of ETH touched $3,500 (roughly Rs. 2.90 lakh) after the asset’s price fell by 11.31 percent. The maximum price that ETH managed to reach this week was $3950 (Rs. 3.27 lakh approx).

“Bitcoin has taken a lightning dump in the last 24 hours. Ethereum also saw a similar price movement, 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 Federal Reserve has signaled that no interest rate cut can be expected at the May meeting,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Major cryptocurrencies recorded losses on Friday as BTC and ETH fell. 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 posted losses along with BTC and ETH on Friday. The overall crypto market capitalization has collapsed 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 crores), according to CoinMarketCap.

Some cryptocurrencies were able to hold on to gains on Friday. These include Bitcoin Cash, Near Protocol, Leo and Iota.

Meanwhile, crypto industry players are expanding their business and operations internationally. The Singaporean subsidiary of cryptocurrency exchange OKX, for example, received the primary approval for a payments license to operate in the city-state.

Cryptocurrency is an unregulated digital currency, not 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 kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on an accepted recommendation, forecast or other information contained in the article.