Most cryptocurrencies rose on Tuesday, March 15 after consumer-level inflation seemed to slow down, as per the latest data released by US regulators. Bitcoin grew by 1.48 percent to trade at $24,741 (roughly Rs. 20.3 lakh) on Tuesday. The oldest cryptocurrency is inching closer to the mark of $25,000 (roughly Rs. 20.5 lakh) on both, national as well as international exchanges. In the last 24 hours, BTC rose in price by $395 (roughly Rs. 32,525).
Ether bagged a minor gain of 1.81 percent, continuing to follow Bitcoin on its trajectory. At the time of writing, ETH was trading at $1,704 (roughly Rs. 1.4 lakh) as per Gadgets 360’s crypto price tracker.
“These positive movements indicate that there is a bullish activity in the market,” Edul Patel, the CEO of Mudrex, told Gadgets 360.
Majority of the popular cryptocurrencies recorded gains in step with BTC and ETH.
“As per the latest data, US consumer inflation has slowed down but it’s still on the higher side which may drive Fed to continue its hawkish stance. If the macroeconomic factors continue to remain favourable then we may see Bitcoin testing $30,000 (roughly Rs. 24.7 lakh) level very soon,” Shivam Thakral, CEO of the BuyUcoin crypto exchange told Gadgets 360.
The overall crypto market cap grew by 1.81 percent in the last 24 hours. The total valuation of the sector now stands at $1.1 trillion (roughly Rs. 1,10,009 crore) as per CoinMarketCap.
While most cryptocurrencies roped-in hikes, stablecoins did record snags.
Speaking to Gadgets 360, WazirX Vice President Rajagopal Menon has sounded an alert that the crypto market could still witness some level of performance fluctuation in the coming days.
“Small and mid-sized financial institutions will now be expected to come under increased scrutiny from regulators. This might create a temporary uncertainty for fiat on ramp services for crypto companies. The Asian and European markets might exercise extra caution and introduce laws for banks to be exposed to small tech companies as well as crypto businesses,” Menon said, expanding on the possible aftermath of the collapse of three crypto-friendly banks last week in the US.
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.