Market awaits final US GDP release: details, Bitcoin, Ethereum suffer losses

As of Wednesday, March 27, most popular cryptocurrencies were in the red. Bitcoin price fell 0.65% to $67,288 (approximately Rs 56 lakh) on Wednesday. The value of Bitcoin has fallen by $442 (approximately Rs. 36,830) in the past 24 hours. According to market analysts, the asset has been under equal amounts of buying and selling pressure over the past 24 hours as the price fluctuated up and down throughout the day before eventually consolidating around current pricing.

Mudrex CEO Edul Patel told Gadgets360: “As far as Bitcoin’s price trend is concerned, its next resistance level is at $70,979 (approximately Rs. 5.91 million), while the next support level is at $68,955 (approximately Rs. 5.74 million) .”

On Wednesday, Ethereum price fell by 0.62%. As of writing this article, Ethereum is trading at $3,445 (roughly Rs. 2.87 lakh). The value of Ethereum has fallen by $20 (roughly Rs. 1,666) in the past 24 hours.

“The London Stock Exchange’s announcement of the launch of Bitcoin and Ethereum exchange-traded notes (ETNs) from March 28 has also added to the positive sentiment in the market. Over the past 24 hours, the price of Ethereum has stabilized at around $3,600 (approximately Rs 2.99 lakh),” Mudrex CEO Edul Patel told Gadgets360.

A large number of cryptocurrencies found themselves suffering losses on Wednesday. These include Tether, Binance Coin, Solana, USD Coin, Cardano and Avalanche.

At the same time, Polkadot, Polygon, Uniswap, Litecoin, and Leo also experienced price drops.

“The cryptocurrency market has experienced significant volatility over the past day, initially strong but turning bearish after the US market opened. The final US GDP data released tomorrow may bring further volatility to the market.” CoinDCX research team commented on the market Tell Gadgets360 when the momentum comes.

Among the cryptocurrencies that recorded profits on Wednesday, Dogecoin and Shiba Inu registered their names.

Chainlink, Wrapped Bitcoin, Tron, Bitcoin Cash, Uniswap, Litecoin, and Leo also posted minor gains.

“Yesterday, the biggest altcoin loser remained Fantom’s native token FTM, as people seemed to be booking some profits on the token after growing 200% in two weeks. Ethereum’s layer 2 Optimisim also promised to Community development in the blockchain space offers over $3 billion (approximately Rs. 29,996 crore) in OP tokens,” CoinSwitch Markets Desk told Gadgets360.

The overall cryptocurrency market capitalization fell by 0.50% in the past 24 hours. As of the time of writing this article, the cryptocurrency market is valued at $2.65 trillion (approximately Rs 22,08,36,42 crore). coin market cap.

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.