Graphic cryptocurrency turns red Despite EU ban on Bitcoin ban, market volatility continues

The crypto price chart opened in the red, with most altcoins immersed in subsequent losses in Bitcoin. With a small loss of -0.87 percent, Bitcoin opened trading at $ 40,319 (approximately Rs. 30 lakh) on the Indian Kuber CoinSwitch exchange. The world’s oldest cryptocurrencies also suffered similar small losses in international trade. In CoinMarketCap and Binance, for example, BTC lost about 0.15 in terms of trading value. At the time of writing, Bitcoin was priced at about $ 38,745 (approximately 29.5 lakh) in global exchanges.

Ether had slightly higher losses than Bitcoin. The world’s second-most-valued cryptocurrency fell 3.07 percent to trade at around $ 2,649 (approximately 2 lakh), according to Gadgets 360’s cryptocurrency price tracker. ETH had lower losses in global exchanges, albeit surprisingly. At Binance, for example, altcoin sells for $ 2,542 (approximately $ 1.95 lakh).

The change in the crypto market comes with the European Union (EU) rejecting its proposal to ban Bitcoin. The decision indirectly involves a landmark ruling that works in favor of the cryptography sector by buying more time to mature.

EU digital assets legislation, called Markets in Crypto Assets (MiCA), backed its proposal to ban Bitcoin by citing its energy-intensive mining processes.

Binance Coin, Ripple, Cardano, Polkadot and Polygon also lost steam as they entered mid-March.

Dogecoin fell into the trenches after a brief gain on March 14. Elon Musk Tesla CEO Elon Musk helped raise the price of DOGE that would not sell its cryptocurrencies despite inflationary risks.

Shiba Inuk’s rival DOGE also failed to win.

Industry insiders support a more “limited rather than regulated” approach to the crypto sector, which the EU created as a premise for the vote on MiCA.

“As crypto continues to gain strength among its mainstream and continues to consolidate its position as a financial future, it is necessary to adopt sustainable rules that balance industrial growth with environmental impact. EU regulations they can predict, ”the CoinDCX research team told Gadgets 360.

On March 14, Michael Saylor, CEO of Microstrategy, reiterated his support for Bitcoin as a hedge against rising inflation.

Meanwhile, the importance that Ukraine attaches to the reduction of cryptographic assets for Russians continues to fuel its reputation as a powerful economic tool for cryptography.

After calling for a global crypto-exchange to suspend services to Russia, Ukraine’s digital transformation minister Mykhailo Fedorov asked Tether to stop doing business with Russian citizens.

Tether is a stable currency, a category of cryptocurrency assets secured by the value of a “stable” reserve asset such as gold or dollars. So even when traditional cryptocurrencies see their prices cut, stable currencies can continue to make a profit.

The case was a bit uncommon today as there were losses of several stable currencies like USD Coin and Binance USD, albeit small.

The current market cap for cryptocurrencies is over $ 1.72 trillion (approximately Rs. 1,31,73,856 million), according to CoinMarketCap.

Cryptocurrency is a non-regulated digital currency, not a legal tender and subject to market risks. The information provided in this article is not intended to be financial advice, commercial advice or any kind of advice or recommendation offered or accepted by NDTV. NDTV shall not be liable for any losses resulting from investments based on any recommendations, forecasts or other information contained in this article.

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