Bitcoin and Ether See Significant Declines, Crypto Market Shows Widespread Losses
Bitcoin Price Update: $67,765 at the Time of Reporting
The cryptocurrency market witnessed significant losses on Friday, March 15, with Bitcoin experiencing a notable decline of 7.90 percent. At the time of reporting, Bitcoin was trading at $67,765 (approximately Rs. 56.1 lakh), marking a substantial decrease of $5,353 (roughly Rs. 4.43 lakh) over the past day. Prior to this downturn, Bitcoin had maintained a relatively stable value above the $73,000 (approximately Rs. 60.5 lakh) threshold for the majority of the week.
In tandem with Bitcoin’s decline, Ether also saw a considerable drop in value, registering a loss of 11.31 percent. As a result, the price of Ether plummeted to $3,500 (approximately Rs. 2.90 lakh), down from its peak earlier in the week at $3,950 (approximately Rs. 3.27 lakh). The downturn in both Bitcoin and Ether prices reflects a broader negative sentiment prevailing in the cryptocurrency market.
The sudden dip in cryptocurrency prices has been attributed to various factors, including market volatility and external economic indicators. Analysts suggest that announcements such as the Producer Price Index (PPI) released by the Federal Reserve, indicating a 0.6 percent increase last month, may have influenced investor sentiment. Furthermore, the Fed’s indication of no anticipated interest rate cuts at the upcoming May meeting could have contributed to the market’s bearish outlook.
Shivam Thakral, CEO of BuyUcoin, commented on the recent market movements, noting the occurrence of a “flash dump” in Bitcoin’s price. He also highlighted similar price action observed in Ether, suggesting a possible correlation with the aforementioned economic indicators released by the Federal Reserve. As market participants navigate these fluctuations, the cryptocurrency landscape continues to evolve, shaped by a myriad of internal and external factors impacting investor confidence and market dynamics.
The overall crypto price chart saw losses on Friday, March 15. Bitcoin, that had been rallying for days, was hit with a notable loss of 7.90 percent. At the time of writing, Bitcoin was trading at $67,765 (roughly Rs. 56.1 lakh). Over the last day, the value of BTC has decreased substantially by $5,353 (roughly Rs. 4.43 lakh). Before receding, Bitcoin had managed to maintain its value above the mark of $73,000 (roughly Rs. 60.5 lakh) for most part of the week.
Ether recorded an even bigger loss than Bitcoin as the market turned negative on Friday. The value of ETH reached $3,500 (roughly Rs. 2.90 lakh) after the asset dropped in price by 11.31 percent. The maximum price that ETH managed to touch this week was $3,950 (roughly Rs. 3.27 lakh).
“Bitcoin has experienced a flash dump in the last 24 hours. Ethereum also saw similar price action which could be linked to the announcement of the Producer Price Index (PPI) by the Fed, which was higher by 0.6 percent last month. The Fed is signalling that no interest rate cut could be expected at the May meeting,” Shivam Thakral, CEO of BuyUcoin
