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| Bitcoin's value has barely moved over the weekend |
The global crypto market continues to struggle as a vote regarding proof-of-work (PoW) assets is set to get underway in Europe later today. The European Union's Markets in Crypto Assets vote will decide the future of the proof-of-work (PoW) cryptocurrencies and whether they will continue on crypto exchanges or would be banned. The world's most valuable cryptocurrency and the biggest PoW cryptocurrency around has seen a rather lacklustre weekend, with a 0.62 percent dip in value over the past 24 hours after gaining by pretty much the same percentage through Saturday. Bitcoin's price in India currently stands at $40,345 (roughly Rs. 31 lakh) on Indian exchange CoinSwitch Kuber.
On global exchanges, the price of the most popular cryptocurrency has stayed in-and-around the $38,000 (roughly Rs. 29 lakh) mark at $38,759 (roughly Rs. 30 lakh, down by 1.35 percent over the past 24 hours. As per CoinGecko data, Bitcoin has moved very little over the past week, up by 0.3 percent week-on-week.
Ether, the second-largest cryptocurrency by market capitalisation, has also had a similar showing over the weekend, gaining in value on Saturday but wiping the gains off through Sunday. At the time of publishing, Ether is valued at $2,680 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value hover above the $2,600 (roughly Rs. 2 lakh) mark at $2,574 (roughly Rs. 2 lakh), where the coin dropped up by 0.12 percent over the past 24 hours. CoinGecko data reveals that the cryptocurrency's value has fallen by close to 12 percent over the past month.
Gadgets 360's cryptocurrency price tracker reveals a struggling crypto market to begin then week — the global crypto market cap decreasing by 2.84 percent over the past 24 hours. Barring Terra, and Cardano almost all the other popular altcoins have dropped in value. Avalanche, Polygon, Polkadot, Cosmos, Uniswap, and Binance Coin have all dropped in value.
Meme coins Shiba Inu and Dogecoin are yet to have a concerted bull run in March so far. Dogecoin is currently valued at $0.12 (roughly Rs. 9.5) after gaining by 0.55 percent over the last 24 hours, while, Shiba Inu is valued at $0.000023 (roughly Rs. 0.0017), down by 1.18 percent over the past 24 hours.
Bitcoin has been trading through troughs and crests in the past few weeks, leaving much to be expected. According to Glassnode, the price action points to a “delicate equilibrium” from which the Bitcoin market can either bounce or slump depending on investor sentiment. In its The Week On-chain Report, Glassnode noted several pointers that can give insight into where the market performance of Bitcoin is headed. The market is at a point where bulls are trying to set a floor price, the report notes.
Meanwhile, Binance is expanding its sphere of influence, and the latest in this regard is the consideration regarding license in Dubai. If it is granted a license, Binance Exchange would be able to avail a vast range of options. As Dubai is a booming market for investors, there are chances that Binance might be able to gather more profits. Dubai has been the hotspot of crypto investments since the beginning of the Russian invasion of Ukraine. Reports regarding massive investments in Bitcoin have put UAE on the watch list of global powers.
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