Cryptocurrency Price on March 15: Bitcoin falls below $68,000 on US rate cut concerns; Dogecoin, Shiba Inu tank 11%

Bitcoin fell 7.4% to $67,712 in Friday's trading session after higher-than-expected US inflation knocked down bets on how soon and how often the Federal Reserve will cut interest rates. This slowdown was also aggravated by profit-taking in the largest cryptocurrency by value.

Meanwhile, Ethereum, the second-largest crypto token, also plunged more than 7% to $3,685. The global cryptocurrency market capitalization decreased by 6.15% to around $2.6 trillion in the last 24 hours.

Other popular crypto tokens like BNB (-5.6%), XRP (-7%), Cardano (-5%), Dogecoin (-11%), Shiba Inu (-11.7%) and Polygon (8.2%) decreased.

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"Over the past 24 hours, the cryptocurrency market has seen a bearish trend, with BTC and ETH falling by over 7%. This could be attributed to slightly bearish CPI and PPI data, along with some profit booking. Furthermore, for ETH, The Dencun upgrade could have triggered a “sell the event” scenario, the CoinDCX research team said.In a similar vein, Shivam Thakral, CEO of BuyUcoin, said: "This price action could be related to the announcement of the Producer Price Index (PPI) by the Federal Reserve, which rose 0.6% on last month. The Federal Reserve is indicating that no interest rate cut can be expected at the May meeting. "The total cryptocurrency market volume in the last 24 hours is $184.12 billion, which represents an increase of 34.89%. The volume of all stablecoins is now $165.86 billion, representing 90.08% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, fell to $1.33 trillion. Bitcoin dominance is currently 51.58%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 51% to $72.5 billion." Bitcoin technical indicators reveal a bearish outlook as the hourly MACD gains momentum in the bearish zone. The hourly RSI for BTC /USD has fallen below the critical 50 level. Key Support Levels are identified at $68,500 and $67,000, while resistance levels are seen at $70,500, $72,000 and $73,000,” said Rajagopal Menon, Vice President, WazirX.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)

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