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NRIPage | Articles | Bitcoin Price Dips to $83,687 Amid ETF Outflows; Crypto Market Volatility Rises | Get Engineering & Research News. Innovating for a Smarter Future around the world - NRI Page
Bitcoin prices showed minor declines across major exchanges on Monday, March 17, reflecting losses of under 2 percent. On CoinMarketCap, Bitcoin was trading at $83,687 (approx. Rs. 72.6 lakh) on global platforms. Meanwhile, on Indian exchanges like CoinSwitch and Giottus, the asset’s value fluctuated between $83,810 (approx. Rs. 72.7 lakh) and $87,506 (approx. Rs. 76 lakh). The leading cryptocurrency’s sluggish performance has persisted for over two weeks following a price dip earlier this month when US President Donald Trump intensified the ongoing tariff war.
According to CoinSwitch markets desk, Bitcoin experienced low volatility over the weekend. Additionally, US Bitcoin Spot ETFs witnessed significant net outflows of over $900 million (approx. Rs. 7,817 crore) last week. Analysts highlighted that the 200-day simple moving average (SMA) at $84,000 (approx. Rs. 72.9 lakh) continues to pose resistance, while $80,000 (approx. Rs. 69.4 lakh) is acting as the immediate support level. Over the past week, Bitcoin has managed to gain just 1.6 percent. Meanwhile, Ethereum (ETH) witnessed a 0.89 percent drop over the last 24 hours, bringing its global price to $1,910 (approx. Rs. 1.65 lakh). On Indian platforms, Ethereum slipped below the crucial $2,000 (approx. Rs. 1.73 lakh) mark, settling at $2,003 (approx. Rs. 1.74 lakh).
The CoinDCX Research Team noted that Ethereum’s struggle to secure a stable price above $2,000 has limited its ability to test higher targets. However, analysts indicated that positive market sentiment may lead to increased bullish momentum in the latter half of the month. Several major altcoins mirrored the downward trend on Monday. Tokens such as Ripple, Tether, Solana, Dogecoin, Cardano, and Tron registered losses. Avalanche, Chainlink, Stellar, Polkadot, and Uniswap also reflected price declines during the trading session. Despite broader market weakness, a few cryptocurrencies retained gains. Tokens like Leo, Shiba Inu, Litecoin, and Monero managed to stay profitable. Cronos and Bitcoin SV also posted gains despite the prevailing market slowdown.
The overall crypto market capitalization experienced a 0.69 percent drop in the past 24 hours, reducing the sector’s total valuation to $2.74 trillion (approx. Rs. 2,38,04,993 crore) according to CoinMarketCap. According to Avinash Shekhar, CEO of Pi42, crypto volatility is rising amid uncertainty over the Federal Reserve’s interest rate decision. The Crypto Fear and Greed Index dropped to 22, signaling heightened market anxiety. While macroeconomic factors are impacting crypto prices, institutional demand remains strong. Bitcoin’s next movement is expected to significantly influence the overall crypto market's trajectory in the coming weeks. Disclaimer: Cryptocurrency investments are subject to market risks. This article is for informational purposes only and does not constitute financial advice. Readers should exercise caution before making investment decisions.
