Lagatar24 Desk
Mumbai, Mar 7: The cryptocurrency market has not had a very exciting start to the second week of March.
On Monday, March 7, Bitcoin began the day with a 2.20 percent drop. BTC is currently trading at $39,398 on the Indian platform CoinSwitch Kuber (roughly Rs. 30 lakh). Bitcoin lost over 2.12 percent on international markets like Binance and Coinbase, with trade values hovering around $37,784. (roughly Rs. 29 lakh).
Bitcoin has entered the market this week with a low total worth. The price of this cryptocurrency fluctuated around $45,000 for the majority of last week (roughly Rs. 34.5 lakh).
The Bitcoin’s decline, which typically slows the entire market’s velocity, occurs against the backdrop of a number of events. Russia’s invasion of Ukraine, which began on February 24, is still ongoing.
Furthermore, despite having previously criminalised crypto mining, trading, and fundraising, China has opted to retain its crypto crackdown in full effect, according to Bloomberg.
Ether experienced the same dips as Bitcoin. Ether prices have fallen below the $2,700 level, losing 3.43 percent (roughly Rs. 2.08 lakh).
On CoinSwitch Kuber, Ether values have been hovering around $2,629 (approximately Rs. 2 lakh) since the second week of March. ETH is currently selling at around $2,518 (around Rs. 1.95 lakh) on international platforms, a loss of over 3.45 percent.
Binance Coin, Ripple, Terra, Cardano, Solana, and Avalanche all suffered significant losses, with some falling as much as 7%.
Dogecoin and Shiba Inu, both failed to acquire traction as well.
Tether, USD Coin, and Binance USD are examples of stablecoins that have seen slight increases.
Small profits were also made by underdog cryptocurrencies such as Dogefi, Bitcoin Hedge, Floki Inu, and Nano Dogecoin.
The crypto sector’s market capitalization is approximately $1.70 trillion (roughly Rs. 1,31,00,139 crore).
