Bitcoin Market Takes a Dive Before Major Options Expiry, Volatility Looms

Bitcoin and several other cryptocurrencies experienced losses on Friday, March 29. Bitcoin's value dropped by 0.18%, hovering around $67,034. Experts anticipate that Bitcoin's price may consolidate around $70,400. Meanwhile, Ether gained marginally by 0.86%, reaching $3,390. Top cryptocurrencies, including Solana, Ripple, and Dogecoin, recorded small gains. The overall crypto market capitalization rose by 0.58%, indicating a surge to $2.65 trillion.

Bitcoin Market Dip: Volatility Expected Amidst Major Options Expiry

On Friday, March 29, the cryptocurrency market experienced a slight decline, with Bitcoin leading the loss. The price of Bitcoin stood at $67,034, marking a 0.18% drop from the previous day. The cryptocurrency shed $111, equivalent to approximately Rs. 9,250, in the last 24 hours.

Market experts predict that Bitcoin's price could consolidate around $70,400 in the coming days. Several other cryptocurrencies followed Bitcoin's downward trend, including Tether, Binance Coin, USD Coin, Cardano, Bitcoin Cash, and Polygon.

"Both Bitcoin and Ethereum are likely to face some volatility as options worth $15 billion are set to expire. Despite this, the market remains highly bullish," said Edul Patel, CEO of Mudrex.

Ethereum, however, managed to gain 0.86% on Friday, with its price reaching $3,390. Solana, Ripple, Dogecoin, Avalanche, Shiba Inu, and Polkadot also recorded minor gains.

Tron, Near Protocol, Litecoin, Cronos, and Stellar joined the list of cryptocurrencies showing positive performance.

"Among the top 10 crypto assets by market capitalization, most traded in the green in the last 24 hours, led by DOGE with a 9.4% gain. Technical analysis suggests that DOGE's performance may indicate a sustained reversal," said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

The cryptocurrency market is currently facing legal challenges in various jurisdictions. Binance, Coinbase, and KuCoin are facing investigations in Nigeria, the Philippines, and the US over various issues. Additionally, Sam Bankman-Fried, the former CEO of the defunct FTX exchange, has been sentenced to 25 years in prison for orchestrating a multi-billion-dollar fraud scheme.

The overall market capitalization of the cryptocurrency market rose by 0.58% in the last 24 hours, currently standing at $2.65 trillion.

It is crucial to note that cryptocurrencies are highly volatile and pose significant market risks. Investors should exercise caution and conduct thorough research before making any investment decisions. The information provided in this article should not be construed as financial advice.