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Cryptocurrency Price Today: Why is Crypto going down?

Cryptocurrency Price Today: Why is Crypto going down?

Early on March 14, cryptocurrencyprices were down on the day. The worldwide cryptocurrency market capitalization has fallen 2.84 percent in the last 24 hours to $1.70 trillion. Over the past 24 hours, the overall cryptomarket volume has increased by 16.08 percent to $62.28 billion.

DeFi's 24-hour trading volume presently stands at $9.61 billion, or 15.43% of the total cryptocurrency market. Stable coins now make up 83.79% of the cryptocurrency market's 24-hour volume.

At the time of writing, the price of one bitcoinis Rs 30.30 lakh, with a 42.47 percent market share. According to CoinMarketCap, this was a 0.04 percent drop over the course of the day.

New rules from the US Treasury Department's Office of Foreign Assets Control (OFAC) specify that US people and digital asset enterprises must comply with sanctions against Russia, even while facilitating bitcoin transactions.

People in the United States and enterprises dealing in cryptocurrencies are urged by OFAC to "be watchful against attempts to bypass OFAC regulations" and to "take risk-based precautions to ensure they do not engage in unlawful activities".

At a time when some legislators are worried that digital assets could be used to get over sanctions placed on Russia after its invasion of Ukraine, which the crypto sector is responding to.

Despite the fact that Biden administration officials believe that Russia would not be able to entirely dodge sanctions by using cryptocurrencies, they are nonetheless advising businesses to be on the lookout.

It has been made clear to financial services firms, especially those involved in the crypto asset sector, in Britain that they must comply with sanctions imposed against Russia and Belarus.

Last week, Bitcoin's price climbed again beyond $40,000, prolonging a period of fluctuation and a recent trend in which the cryptocurrency has been unable to rise past $45,000.

President Joe Biden signed a major executive order on cryptocurrency on March 9, but the price of bitcoin soon plummeted below $40,000 before rebounding this week. For the Treasury, the directive mandates that it strategize on how to regulate cryptocurrency and whether or not the government should issue its own digital currency. In the wake of the battle in Ukraine, where cryptocurrencies have emerged as a significant weapon, the White House is taking its first tangible moves to regulate the volatile cryptocurrency and stock markets.

As of today, bitcoin hasn't surpassed $45,000. Experts claim that the crypto market is becoming more closely tied to developments in Eastern Europe because of its rising reliance on the stock market, increased popular usage, and the recent price declines. Similarly, Ethereum has followed the same path.

Although Bitcoin's price has fluctuated, it has remained above its January low of $34,000, which was the lowest it had been for six months. After reaching an all-time high of over $68,000 on Nov. 10 2021, the price of bitcoin has fallen by 40% due to rising inflation, a slow job market recovery, and the Fed's consistent signals that it will begin phasing out emergency measures to boost the economy.

Since the beginning of this week, Bitcoin's value has fluctuated between $37,000 and $41,000 per coin. As of right now, Bitcoin's daily high price stands at the following level:

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With its slow start to the year and a sluggish November and December, Bitcoin nonetheless managed to begin the new year on an upbeat note, leading to the recent downward trend. At the beginning of 2021, Bitcoin was trading at around $30,000, but as the year progressed, it rose to an all-time high of $68,000 on Nov. 10.

As of this writing, many analysts believe that Bitcoin's price will soar above $100,000 at some point — and that it's more of an issue of when, rather than if. In November, just a few weeks after Bitcoin's most recent all-time high, Ethereumsurpassed $4,850 as a new all-time high. Following the latest peak, Ethereum has seen the same volatility.

As more and more individuals become interested in investingin the cryptocurrency market, Bitcoin's price has fluctuated widely since its initial high of the year in April of 2021 when it crossed the $60,000 mark. During the period between July's low of $30,000 and November's high of $20,000, Bitcoin fluctuated greatly. Experts predict even more volatility in the bitcoin market in the near future.

Investors and financial advisors we've spoken with have cautioned us against placing a large portion of our portfolio in this asset class. With clients, they ensure that risky crypto investments do not get in the way of other financial responsibilities, including accumulating an emergency fund and paying off high-interest debt.

You have a good chance to lose everything you have but a small opportunity to win it all, says Nate Nieri of Modern Money Management in San Diego. You should avoid gambling an amount that would burden your family or prohibit you from reaching your goals if you lost everything, according to him.

It's important for investors to understand how this latest stock market crash stacks up against past ones, as well as routine market declines.

Price fluctuations are to be expected for long-term crypto investors that use a buy-and-hold strategy. Humphrey Yang, the personal finance expert behind Humphrey Talks, says he avoids examining his own accounts during dramatic market falls because he doesn't want to worry about it.

A year after the "crypto crash" of 2017, Yang adds, "I've been through the same thing." Yang is referring to the loss in value of many major cryptocurrencies, including Bitcoin, in 2017. "According to what I've seen, these items can fluctuate by up to 80 percent on any one day..."

Keep your bitcoin holdings to a maximum of 5% of your total assets, according to industry experts. Doing so will help you deal with the volatility, according to Token Metrics chief technical analyst Bill Noble, a cryptocurrency analytics firm.

This volatility isn't going away any time soon, according to Noble's assessment. There is nothing you can do about it but accept it.