BTC, ETH trade sideways, most altcoins suffer amid industry turmoil

Most cryptocurrencies posted losses on Thursday, March 28, as industry players such as Binance, Coinbase, and KuCoin faced legal issues around the world. Bitcoin edged up 0.06% on Thursday. At this point, the value of Bitcoin has reached $67,145 (approximately Rs. 5.59 million). The value of Bitcoin has fallen by $143 (approximately Rs. 11,920) in the past 24 hours. Market experts expect the asset to cross the $70,000 (approximately Rs. 58.3 lakh) mark in the coming days.

“Technically, BTC is consolidating in a range after rising and has found support at the 20EMA 4 H level, which is relatively strong. The key level remains at $69,000 (~Rs 5.75 Lakh), where BTC needs to sustain above. Resistance is at an all-time high and Bitcoin must clear this resistance to reach new highs,” the CoinDCX team told Gadgets360.

Ethereum fell 2.13% on Thursday. The asset is currently trading at $3,360 (approximately Rs. 2.80 lakh).

“ETH continues to underperform BTC and is currently hovering just above $3,500 (~Rs 2.9 Lakh) and below the 20 EMA. To see a significant move higher, ETH must first break above $3,650 (~Rs 3.04 Lakh) , while $3,450 (approximately Rs. 2.87 lakh) acts as a support level,” the CoinDCX team added.

Tether, Binance Coin, Solana, USD Coin, Cardano and Avalanche – found themselves following Ether towards the losing side of the crypto charts.

Other cryptocurrencies that failed to record any gains on Thursday include Litecoin, Leo, Polkadot, Polygon and Uniswap.

It shows that as of Thursday, the total market capitalization of cryptocurrencies was $2.62 trillion (approximately Rs 21,84,377.8 crore), with valuations falling 1.33% in the past 24 hours coin market cap.

Meanwhile, profitable cryptocurrencies include Dogecoin, Bitcoin Cash, Leo, Cosmos and Braintrust.

Market volatility is likely to continue for some time as some of the industry’s largest exchanges are facing legal issues. Binance, for example, is facing an investigation in Nigeria after a company executive managed to escape detention and fled the country.

KuCoin was charged by the U.S. Commodity Futures Trading Commission for operating an illegal digital asset derivatives exchange.At the same time, a U.S. court has It is said Ruling that the SEC made a reasonable argument that Coinbase was an unregistered broker, exchange, and clearing house.

Clearly addressing these industrial hurdles can help the cryptocurrency industry emerge from its volatile phase.

Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.