Cryptocurrency Markets Remain Steady as Bitcoin and Ether Consolidate, Altcoins Witness Declines amid Industry Uncertainty

Thursday, March 28 saw a downturn in the majority of cryptocurrencies, attributed partly to legal challenges faced by industry giants such as Binance, Coinbase, and KuCoin in various jurisdictions. Despite this turbulence, Bitcoin managed to eke out a marginal gain of 0.06 percent, reaching a value of $67,145 (approximately Rs. 55.9 lakh). However, within the past 24 hours, Bitcoin experienced a decline of $143 (roughly Rs. 11,920), reflecting the volatility inherent in cryptocurrency markets. Analysts anticipate Bitcoin to surpass the $70,000 mark (about Rs. 58.3 lakh) in the near future, provided it maintains support above the key level of $69,000 (around Rs. 57.5 lakh).

According to insights provided by the CoinDCX team, Bitcoin is currently in a consolidation phase, exhibiting robust support at the 20EMA 4 H level. The key level to watch remains at $69,000, with Bitcoin needing to sustain its position above this threshold to pave the way for further gains. Resistance is expected at the all-time high, presenting a significant hurdle that Bitcoin must overcome to achieve new highs in its price trajectory.

Meanwhile, Ether, the native cryptocurrency of the Ethereum blockchain, witnessed a decline of 2.13 percent on Thursday, trading at a price point of $3,360 (approximately Rs. 2.80 lakh). Like Bitcoin, Ether’s price movement has been influenced by broader market dynamics and regulatory developments impacting the cryptocurrency industry. Despite short-term fluctuations, Ether continues to hold its position as one of the leading cryptocurrencies by market capitalization, with its long-term outlook shaped by factors such as adoption, technological advancements, and regulatory clarity.

Majority cryptocurrencies registered losses on Thursday, March 28 in the aftermath of industry players like Binance, Coinbase, and KuCoin facing legal issues in different parts of the world. Bitcoin on Thursday managed to see a miniscule gain of 0.06 percent. With this, the value of Bitcoin has come to the point of $67,145 (roughly Rs. 55.9 lakh). In the last 24 hours, the value of Bitcoin dropped by $143 (roughly Rs. 11,920). Markets experts expect the asset to cross the mark of $70,000 (roughly Rs. 58.3 lakh) in the coming days.

“Technically, BTC is consolidating within a range after an upward movement, finding support at the 20EMA 4 H level, which is robust. The key level remains at $69,000 (roughly Rs. 57.5 lakh), with BTC needing to maintain position above it. Resistance is at the all-time high, which BTC must clear for new highs,” the CoinDCX team.

Ether recorded a loss of 2.13 percent on Thursday. The asset is currently trading at the price point of $3,360 (roughly Rs. 2.80 lakh). The market volatility could persist for a while as some of the biggest exchanges in the sector are undergoing legal issues. Binance, for instance, is facing inquiry in Nigeria after a company executive managed to escape custody and fled the nation.

KuCoin has been charged by the US’ CFTC for operating an illegal digital asset derivatives exchange. Meanwhile, a court in the US has reportedly ruled that the SEC has made a plausible argument that Coinbase is operating as an unregistered broker, exchange, and clearinghouse. Clarity in the resolution of these industrial hurdles could help the crypto sector snap out of its volatility phase.