“Bitcoin and Ether Prices Drop as Market Awaits US GDP Announcement”


The popular cryptocurrency, Bitcoin, is currently facing a loss in its trading value on Wednesday, March 27. The stock price has decreased by 0.65%, trading at $67,288 (Rs. 56 lakh). In the past 24 hours, Bitcoin’s value has dropped by $442 (Rs. 36,830), with both buying and selling pressure being equal according to market analysts. The price has been fluctuating throughout the day before finally settling at its current value.

Edul Patel, CEO of Mudrex, states that Bitcoin’s next resistance level is at $70,979 (Rs. 59.1 lakh), while its support level lies at $68,955 (Rs. 57.4 lakh). Ether, another popular cryptocurrency, has also seen a decrease of 0.62% in its trading value on Wednesday. At the time of writing, Ether was trading at $3,445 (Rs. 2.87 lakh), with a reduction of $20 (Rs. 1,666) in the last 24 hours.

The announcement of the London Stock Exchange to launch exchange traded notes (ETNs) for Bitcoin and Ethereum on March 28 has added to the positive sentiments in the market. Ethereum has been consolidating around $3,600 (Rs. 2.99 lakh) in the past 24 hours. Cryptocurrencies such as Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche have also faced losses on Wednesday. Other popular cryptocurrencies like Polkadot, Polygon, Uniswap, Litecoin, and Leo have also witnessed a decrease in their prices.

The crypto market has experienced significant volatility in the past day, initially showing strength but turning bearish when the US market opened. The upcoming US final GDP announcement may introduce further volatility in the market, according to the CoinDCX Research Team. Dogecoin, Shiba Inu, Chainlink, Wrapped Bitcoin, Tron, Bitcoin Cash, Uniswap, Litecoin, and Leo have recorded slight profits on Wednesday.

Fantom’s native token FTM, which had seen a growth of 200% in the past two weeks, has been the biggest loser in the altcoin category. Ethereum’s layer 2, Optimisim, has pledged over $3 billion (Rs. 29,996 crore) in OP tokens for the development of the blockchain community. The overall cryptomarket cap has also dropped by 0.50% in the last 24 hours, with the market currently valued at approximately $2.65 trillion (Rs. 2,20,83,642 crore), according to CoinMarketCap.

Disclaimer: Cryptocurrency is a digital currency with no regulation and carries market risks. The information provided in this article is not intended as financial or trading advice and does not represent any endorsement or recommendation from NDTV. NDTV is not responsible for any losses resulting from investments made based on perceived forecasts or recommendations. Readers are advised to do their own research before investing.

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