Synopsis
“The crypto market is feeling the pressure of CFTC action against Binance as BTC price has slipped around the $27,000 level which is a drop of nearly 3% in the last 24 hours. We can expect the market to remain choppy in the coming weeks owing to the latest developments,” Shivam Thakral, CEO of BuyUcoin, said.
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Explore NowThe cryptocurrency markets were trading in the red on Tuesday. Bitcoin (BTC) fell 2.66% to $27,048, whereas Ethereum (ETH) was below the $1,750 level.
BTC volume in the last 24 hours stood at approximately $18.55 billion, rising 26.88%.
“The crypto market is feeling the pressure of CFTC action against Binance as BTC price has slipped around the $27,000 level which is a drop of nearly 3% in the last 24 hours. We can expect the market to remain choppy in the coming weeks owing to the latest developments,” Shivam Thakral, CEO of BuyUcoin, said.
Other top crypto tokens were also trading lower. BNB declined over 5%. Dogecoin, Polygon and Litecoin were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.13 trillion, falling 1.96% in the last 24 hours.
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View Details »However, Ripple (XRP) surged over 7%. “The silver lining last week came from the Ripple v/s SEC case, where Ripple proponents are showing confidence that XRP will not be declared a security by the courts. This resulted in a ~21% rally in XRP prices over the week,” Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said.
The total volume in DeFi is currently 3.82 billion, 8.80% of the total crypto market 24-hour volume. The volume of all stablecoins is now $39.06 billion, which is 90.05% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $523.24 billion. Bitcoin’s dominance stood at 46.10%, a fall of 0.32% over the day, according to CoinMarketCap.
“Bitcoin is currently trading at around $27,000 and there is a possibility that it could drop as low as $25,200. If this happens, there could be a further drop to $22,609, and if this level is broken, it could send Bitcoin back below $20,000. However, if the bulls remain strong, a move up to $30,000 is also expected,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.29 hours, IST on March 28, 2023)
Bitcoin $27,048 -2.66%
Ethereum $1,732 -1.26%
Tether $0.9998 -0.04%
BNB $310.74 -5.08%
XRP $0.489 7.27%
Cardano $0.3515 0.65%
Polygon $1.05 -2.65%
Dogecoin $0.0729 -0.75%
Solana $20.03 -2.65%
Polkadot $5.90 -1.19%
Tron $0.06408 0.15%
Shiba Inu $0.00001039 -1.17%
Litcoin $87.52 -4.36%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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