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On Tuesday, Bitcoin recorded a minor profit of 0.35% on both national and international exchanges, trading at a price of $22,456 (approximately Rs. 18.3 lakh). However, the cryptocurrency has seen a decline in value since February, dropping to a two-week low in March due to market volatility. Ether followed Bitcoin’s lead, recording a small gain of 0.82%, trading at a value of $1,574 (approximately Rs. 1.28 lakh). Stablecoins like Tether, USD Coin, and Binance USD managed to retain gains amidst the market turbulence, while other cryptocurrencies experienced losses.
The global crypto market rose by 0.75%, reaching a valuation of $1.03 trillion (approximately Rs. 84,06,471 crore) in the last 24 hours, according to CoinMarketCap data. However, the market volatility is expected to continue affecting cryptocurrencies, particularly in the aftermath of Silvergate’s financial instability issues. The crypto-friendly bank reported a $1 billion (approximately Rs. 8,21,300 crore) loss for Q4 2022, causing investors to withdraw their deposits rapidly.
This situation has highlighted the interconnected and vulnerable nature of crypto banking, as pointed out by Wayne Huang, co-founder and CEO of XREX, a global USD-crypto exchange. The ongoing market turbulence is expected to continue affecting cryptocurrencies in the days to come, making it crucial for investors to stay updated and cautious.