The month of March catapulted Bitcoin above the price range of $45,000 (roughly Rs. 34 lakh) for the first time in 2022. Bitcoin, on March 31, Thursday, opened with a loss of 2.18 percent. As per Indian exchange CoinSwitch Kuber, BTC’s trading value currently stands at $47,718 (roughly Rs. 36 lakh). The world’s most valued cryptocurrency registered negligibly smaller dips on international platforms. With a loss of around 0.11 percent, Bitcoin prices are around $47,306 (roughly Rs. 35.80 lakh) on exchanges such as Binance and Coinbase.
Ether mimicked Bitcoin’s trajectory and saw miniscule losses on both, national and international exchanges.
ETH prices fell by 0.76 percent to bring its value at $3,450 (roughly Rs. 2.5 lakh), as per Gadgets 360’s crypto price tracker. On foreign exchanges such as CoinMarketCap, ETH actually grew by around one percent, taking its trade value to $3,400 (roughly Rs. 2 lakh).
Overall, the crypto price charts appeared more green than red.
Binance Coin, Solana, Avalanche, Polkadot, and Polygon saw some gains.
Dogecoin and Shiba Inu both saw minor gains.
On the other hand, Tether, USD Coin, Ripple, Cardano, and Terra sunk on the loss-end of the price charts.
Industry experts are relieved that BTC’s exponential gains have pushed away the fear and greed index that had been impacting the market negatively.
“On a longer-run perspective, crypto continues to see strong interest by individuals and institutions globally, with the number of public crypto funds surging up to 119 as of Jan 2022 — there were just 4 such funds five years ago,” the research team at Indian exchange CoinDCX told Gadgets 360.
Meanwhile, more nations are joining the list of those putting crypto regulations in place.
Le Minh Khai, the deputy prime minister of Vietnam has directed the country’s finance ministry to draft regulatory laws for the digital assets sector.
India, Australia, Dubai, and Brazil have already taken their respective first steps towards making the crypto sector adhere to their respective laws.
As per CoinMarketCap, the current market cap of the crypto sector stands at $2.14 trillion (roughly Rs. 1,62,77,490 crore).
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.