Bitcoin hits $83,693.28, Ether at $1,909.53, and Tether stays at $1. Also, concerns from ECB’s Villeroy de Galhau on US crypto practices, Trump’s family eyeing Binance, and Russia’s oil trade in crypto are notable updates shaping the crypto world today.
As of March 17, Bitcoin, the leading cryptocurrency, is making waves in the market with a price of $83,693.28, representing a market cap of $1.66 trillion. Notably, trading activity surged—Bitcoin’s volume skyrocketed by 77%, hitting $22.92 billion over the last 24 hours. After facing a dip below $80,000 just a few days prior, this upward momentum could signal renewed investor confidence.
Ether isn’t lagging far behind. In early morning trading, it was valued at $1,909.53 with a market capitalization of $230.33 billion. Moreover, Tether, that ever-stable stablecoin, has held its ground at $1, boasting a robust market cap of around $143.47 billion. Interestingly, Tether’s trading volume surpassed that of Bitcoin, reaching over $51.65 billion — a testament to its status as the world’s most-traded cryptocurrency.
Other notable mentions include Solana trading at $129.06 and meme favorite Dogecoin at $0.1731, both enjoying a positive day. Avinash Shekhar, Co-Founder & CEO of Pi42, weighed in on the market’s volatility, especially ahead of the Federal Reserve’s imminent interest rate decision.
“Bitcoin is nearing $83k and could see an upside if it breaks through key resistance levels. But caution is in the air as the Crypto Fear and Greed Index plummets to 22, signifying real uncertainty. While there was a notable correction from $100K to $77K, we hope it’s just a temporary slide,” he remarked. Shekhar further noted that investors are looking for catalysts for market movement amidst the pressures on Ethereum and Dogecoin.
In the backdrop of these cryptocurrency developments, regulatory voices are chiming in too. Bloomberg reported on ECB Council member Francois Villeroy de Galhau’s concerns. “The United States risks sinning through negligence,” he cautioned, pointing out that financial crises often begin in the US and sweep across borders. Following US President Trump’s recent push for a Strategic Bitcoin Reserve, many are scrutinizing the impact this could have on global markets.
In another fascinating development, sources tell Wall Street Journal that Trump family representatives are exploring an investment in Binance US. Talks have emerged regarding a market comeback for the crypto giant. There’s even speculation that Binance’s founder Changpeng Zhao is lobbying for a Trump pardon, in a bid to smooth the path forward. However, uncertainty looms over whether these negotiations will lead to a concrete partnership.
On the international front, a Reuters report indicates Russia’s innovative approach to sidestep European sanctions. It seems that Russian oil firms are tapping into cryptocurrencies like Bitcoin and Ethereum for transactions with India and China. By converting local currencies back into Russian roubles, they are carving out a new niche in Russia’s vast $192 billion oil trade. Although this is just a small fraction of their operations, it illustrates how cryptocurrencies are evolving in geopolitical contexts.
Interestingly, Russia’s central bank has notably declined to comment on this emerging trend, although insiders suggest the practice is likely to expand as it streamlines operations.
These evolving scenarios across cryptocurrencies, regulatory scrutiny, and international dealings reveal that the digital landscape is as unpredictable as the currencies themselves. With central banks now paying more attention, the future of crypto is anything but certain.
In summary, Bitcoin’s recent rise above $83,000, alongside significant trading volumes in major cryptocurrencies like Ether and Tether, indicates a potential rebound in market sentiment. However, concerns from the ECB about the US’s crypto strategies, coupled with investment discussions involving Trump’s family and the reported use of cryptocurrencies for oil trades in Russia, underline the complexities and unfolding narratives shaping the digital currency landscape. As investors remain cautious amidst volatility, the next few weeks could be crucial for the future developments of cryptocurrency amid changing regulatory frameworks.
Original Source: www.livemint.com
