Bitcoin joined most cryptocurrencies in reflecting gains on Monday, March 3, rebounding from last week’s dip to $80,020 (roughly Rs. 69.9 lakh). Over the weekend, BTC surged nearly nine percent globally, reaching $92,890 (roughly Rs. 81.14 lakh) on international exchanges, according to CoinMarketCap. In India, the asset is trading at $96,750 (roughly Rs. 96,751) after an eight percent rise.
“Donald Trump’s declaration of a ‘Crypto Strategic Reserve’ has spread optimism in the crypto space. The decision breaks at a point when macroeconomic uncertainties regarding crypto is at a peak, which makes this decision a crucial decision for the whole crypto market. With prices surging and sentiment in the market changing, the crypto market is witnessing a radical shift, driven by political power and important financial moves,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.
Ether price rose by nearly 10 percent over the last day on both national as well as international exchanges. As of now, Ether is trading at $2,447 (roughly Rs. 2.13 lakh) on global exchanges and at $2,548 (roughly Rs. 2.22 lakh) on national platforms like CoinDCX and CoinSwitch among others.
The crypto price tracker by Gadgets 360 showed most cryptocurrencies trading in profits on Monday.
Altcoins such as Ripple, Binance Coin, Solana, Cardano, and Dogecoin reflected gains on the price charts.
Tron, Chainlink, Stellar, Avalanche, Litecoin, and Shiba Inu also managed to register notable price hikes over the last day.
The overall crypto market cap rose by 8.90 percent in the past 24 hours. CoinMarketCap shows that the valuation of the sector currently stands at $3.08 trillion (roughly Rs. 3,34,59,454 crore).
“Famous economist Peter Schiff who is famous for being bearish on crypto was sighted mentioning that even though BTC reserve makes sense, it is not wise to add the likes of XRP, SOL, ADA in the list. This was the first time Peter Schiff has sounded bullish on Bitcoin,” the CoinSwitch Markets Desk told Gadgets 360.
On the other hand, only a handful of cryptocurrencies saw losses on Mondy. These include Status, Braintrust, and BurgerCities among others.
“Investors must keep a close eye on the market for any pullback in the short term,” said Edul Patel, CEO and co-founder of Mudrex.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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