Bitcoin, Ether Trade Sideways, Most Altcoins Register Price Drops Amid Industry Turmoil

Most cryptocurrencies recorded losses on Thursday, March 28 as industry players like Binance, Coinbase, and KuCoin faced legal issues in various parts of the world. Bitcoin saw a modest gain of 0.06 percent on Thursday. With this, the price of Bitcoin has reached $67,145 (approximately Rs. 55.9 lakh). In the last 24 hours, the value of Bitcoin decreased by $143 (approximately Rs. 11,920). Market experts expect the asset to cross $70,000 (approximately Rs 58.3 lakh) in the coming days.

“Technically, BTC is consolidating within a range after an upward move, finding support at the 20EMA 4H level, which is strong. The key level remains at $69,000 (approx. Rs. 57.5 lakh). BTC needs to maintain a position above this. Resistance is at an all-time high, which should clear BTC for new highs,” the CoinDCX team told Gadgets360.

Ether A loss of 2.13 percent was recorded on Thursday. The asset is currently trading at a price of $3,360 (roughly Rs. 2.80 lakh).

“ETH is underperforming BTC, currently hovering just above $3,500 (approx. Rs. 2.90 lakh) and below the 20EMA. To see a significant upside move, ETH should first cross $3,650 (approx. Rs. 3.04 lakh). has to be done while $3,450 (approx. Rs. 2.87 lakh) acts as a support level,” the CoinDCX team added.

Tether, Binance coin, Solana, USD coins, CardanoAnd Avalanche — found itself following Ether to the losing side of the crypto chart.

Other cryptocurrencies that failed to register any gains on Thursday include Litecoin, Leo, Polkadot, PolygonsAnd to change.

After a 1.33 percent drop in price in the last 24 hours, the overall crypto market cap as of Thursday stands at $2.62 trillion (roughly Rs. 2,18,43,778 crore). CoinMarketCap.

Among the cryptocurrencies earning profits in the meantime are: Dogecoin, Bitcoin Cash, Leo, CosmosAnd Mental confidence.

The market may remain volatile for some time as some of the major exchanges in the sector are going through legal issues. BinanceFor example, Nigeria is facing an inquiry after a company executive managed to escape detention and flee the country.

KuCoin has been accused by the US CFTC of operating an illegal digital asset derivatives exchange. Meanwhile, an American court… Allegedly ruled that the SEC had made a reasonable case that Coinbase was operating as an unregistered broker, exchange, and clearinghouse.

Clarity in addressing these industry hurdles can help the crypto sector move out of a volatile phase.

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