Cryptocurrency Update: Bitcoin Surges While Regulatory Concerns Emerge
Bitcoin is trading at $83,693.28 with a market cap of $1.66 trillion. Ethereum and Tether also show positive trends. ECB’s de Galhau warns of U.S. crypto regulations. Trump family may invest in Binance as Russia utilizes cryptocurrencies for oil trades.
As of March 17, Bitcoin is trading positively at $83,693.28, representing a market capitalization of $1.66 trillion, according to CoinMarketCap. Its trading volume has notably surged by 77 percent over the past 24 hours, reaching $22.92 billion. This uptick presents a favorable development following a decline below $80,000 experienced previously on March 14, where Bitcoin stabilized around this level through the weekend.
The second largest cryptocurrency, Ethereum, is trading at $1,909.53, with a market cap of $230.33 billion. The stablecoin Tether remains stable at $1, commanding a market cap of $143.47 billion, while its trading volume exceeded even Bitcoin’s, totaling $51.65 billion. Other prominent cryptocurrencies such as Solana and Dogecoin also showed positive performance, priced at $129.06 and $0.1731, respectively.
Avinash Shekhar, Co-Founder & CEO of Pi42, indicated that Bitcoin and the broader market are facing volatility ahead of the U.S. Federal Reserve’s interest rate decision. He noted, “Bitcoin is currently trading near $83k and can see upside if it breaks a key resistance level,” emphasizing the market’s wariness following a correction from $100K to $77K. He expressed optimism regarding potential fleeting corrections rather than sustained downturns.
Shekhar remarked on the under pressure Ethereum and Dogecoin markets, suggesting that participants are reflecting upon macroeconomic influences and market technicals. He reiterated that institutional demand for cryptocurrencies remains strong, foreseeing Bitcoin’s forthcoming movements as pivotal for determining the crypto market’s trajectory in the coming weeks.
In other news, Bloomberg reported on March 16 that Francois Villeroy de Galhau from the European Central Bank cautioned against the U.S. administration’s approach to cryptocurrency regulation, suggesting that it may lead to financial repercussions. He stated, “The United States risks sinning through negligence” and highlighted the EU’s superior controls against potential banking crises following the signing of an executive order by President Trump concerning a Strategic Bitcoin Reserve and other digital assets.
Furthermore, discussions are reportedly underway regarding a potential investment by members of the Trump family in the U.S. operation of the crypto exchange Binance. Reports from the Wall Street Journal suggested that these discussions aim to revitalize a previously sidelined entity, while Binance’s founder is advocating for a presidential pardon from Trump.
Additionally, a Reuters report has unveiled that Russia is increasingly utilizing cryptocurrencies for oil trades, effectively circumventing European sanctions. It disclosed that specific Russian oil firms are employing tokens like Bitcoin and Ether to facilitate transactions with India and China. This method, described as a “small but growing part of Russia’s overall oil trade,” is perceived as an efficient means for transaction facilitation within their extensive oil industry valued at $192 billion in 2024.
In summary, Bitcoin has regained momentum, trading near $83,693.28. Meanwhile, cryptocurrencies like Ethereum and Tether are also performing well, along with other coins. Concerns regarding regulatory oversight from U.S. authorities were raised by ECB official de Galhau, while reports indicate potential investments by the Trump family in Binance and Russia’s use of cryptocurrencies for oil trades, which may reshape market dynamics moving forward.
Original Source: www.livemint.com
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