Today, Bitcoin and the main cryptocurrencies show declines in the market. The price of Bitcoin according to our Crypto Online tool is USD 52,200 registering a fall of -5.27% in the last 24 hours.
As for the evolution in the price of Bitcoin for the next few hours, the possibility that it continues to fall is not ruled out. Analysts point to values close to USD 51,000 per unit as possible support. However, we would have to wait and see how the digital currency behaves throughout the day.
Bitcoin and other cryptocurrencies register losses
The fact that Bitcoin and the main cryptocurrencies on the market present this fall, ended up affecting the rest of the market. The collapse was present among the main exponents of this ecosystem. Of which the majority are inclined to a downward trend this March 25, highlighting some striking exceptions.
Among the currencies capitalizing on today’s steepest declines are Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), Ripple’s XRP, Uniswap (UNI), THETA, Litecoin (LTC), Chainlink (LINK) ), Bitcoin Cash (BCH), Stellar (XLM), Dogecoin (DOGE), Terra (LUNA). Which register losses of more than 6% at the time of writing this note.
However, among the atypical cases, Filecoin (FIL) and BitTorrent (BTT) stand out, tokens that are on the rise with gains of 5.58% and 2.59% respectively.
Banning Bitcoin is like rejecting the US dollar, businessman warns India
A cryptocurrency ban in India would have serious implications for the future of the country’s economy and lead to a currency devaluation ‘in the worst way’. Says blockchain entrepreneur and CEO of HashCash Raj Chowdry.
Chowdry, also a managing director of the US-based cryptocurrency exchange PayBito, said that India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be equivalent to rejecting the US dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdry believes that India’s economy would suffer in the long run.
“Maintaining cryptocurrency reserves is as important as maintaining dollar reserves. By banning cryptocurrencies, India will end up with the lowest stockpile of the most important currency the world has ever seen. This would eventually lead to a devaluation of the currency in the worst way. He said.
Points to consider
- The market crash in the last 24 hours occurred despite Tesla allowing customers to buy vehicles using BTC. Also, CEO Elon Musk stating that it will not be converted to fiat currency.
- On March 22, US Federal Reserve Chairman Jerome Powell declared that Bitcoin was too volatile, “backed by nothing,” and more of an asset for speculation. Interestingly, on the same day, BTC lost its support at 56,000, which turned into a resistance.
- Some Bitcoin options traders are betting that this year’s price rally, which was halted in recent weeks, will resume in April, a historically strong month for the market.
- The short-term focus on the Bitcoin options market is on this Friday’s March expiration, where a record $ 6 billion worth of contracts are expected to expire.
- Some analysts are warning of an extreme pullback to what is known as the “peak pain” point, seen at $ 44,000.