Losses Hit BTC, ETH as Market Await US’ Final GDP Announcement: Details

Majority of the popular cryptocurrencies are trading in losses as of Wednesday, March 27. Bitcoin on Wednesday registered a price dip of 0.65 percent to trade at $67,288 (roughly Rs. 56 lakh). Over the last 24 hours, the value of Bitcoin dipped by $442 (roughly Rs. 36,830). As per market analysts, the asset saw equal amounts of buying and selling pressure in the last 24 hours as prices see-sawed throughout the day before ultimately consolidating around its current pricing.

“As for Bitcoin’s price action, its next resistance level lies at $70,979 (roughly Rs. 59.1 lakh), while the next support level is at $68,955 (roughly Rs. 57.4 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.

Ether recorded a price dip of 0.62 percent on Wednesday. At the time of writing, Ether was trading at $3,445 (roughly Rs. 2.87 lakh). Over the last 24 hours, the value of Ether reduced by $20 (roughly Rs. 1,666).

“The London Stock Exchange’s announcement to launch Bitcoin and Ethereum exchange traded notes (ETNs) from March 28 added to the positive sentiments in the market as well. In the last 24 hours, Ethereum consolidated around $3,600 (roughly Rs. 2.99 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.

A big number of cryptocurrencies found themselves reeling under losses on Wednesday. These include Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche.

Meanwhile, Polkadot, Polygon, Uniswap, Litecoin, Leo also registered price dips.

“Over the past day, the crypto market experienced significant volatility, initially showing strength but turning bearish when the US market opened. Tomorrow’s US final GDP announcement may introduce further volatility to the market,” the CoinDCX Research Team told Gadgets360, commenting on the market momentum.

Among cryptocurrencies that recorded profits on Wednesday, Dogecoin and Shiba Inu registered their names.

Chainlink, Wrapped Bitcoin, Tron, Bitcoin Cash, Uniswap, Litecoin, and Leo also managed to record minor gains.

“Yesterday, biggest altcoin loser remained Fantom’s native token FTM, as after showing 200 percent growth in two weeks, people seem to be booking some profits on the token. Ethereum’s layer 2, Optimisim has also pledged more than $3 billion (roughly Rs. 29,996 crore) in OP tokens for the community developing in the blockchain space,” the CoinSwitch Markets Desk told Gadgets360.

The overall crypto market cap dropped by 0.50 percent in the last 24 hours. The crypto market valuation, at the time of writing, stands at $2.65 trillion (roughly Rs. 2,20,83,642 crore), as per CoinMarketCap.

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