Crypto Update: Bitcoin’s Surge and Global Market Insights
March 17, 2025 – By Jocelyn Fernandes
In a series of notable developments within the cryptocurrency market, Bitcoin has surpassed the $83,000 mark today, trading at approximately $83,693.28. This surge has contributed to a staggering market capitalization of $1.66 trillion, as reported by CoinMarketCap. With a significant increase in trading volume—up 77% over the last 24 hours to $22.92 billion—Bitcoin shows signs of recovery after dipping below $80,000 last week.
Bitcoin and Other Cryptocurrencies
As of 9:30 AM IST on March 17, Bitcoin is positioned positively, indicating a rebound following a weekend consolidation. Other cryptocurrencies are also performing well, with Ether priced at $1,909.53 and maintaining a market cap of $230.33 billion. Stablecoin Tether remains stable at $1, boasting a market capitalization of about $143.47 billion, and it has recently exceeded Bitcoin in trading volumes, with $51.65 billion exchanged over the past 24 hours.
Notably, both Solana and Dogecoin are experiencing upward trends, recently priced at $129.06 and $0.1731, respectively.
Market Analysis and Predictions
Avinash Shekhar, Co-Founder and CEO of Pi42, commented on the current market volatility. He noted the heightened activity leading up to the United States Federal Reserve’s impending interest rate decision. "Bitcoin is trading near $83k and can see upside if it breaks a key resistance level," he stated. Shekhar warned of increased uncertainty as reflected in the Crypto Fear and Greed Index, which has dipped to 22. Nonetheless, he believes the prevailing institutional demand for cryptocurrencies remains robust.
Concerns from the ECB
In related news, Francois Villeroy de Galhau, a member of the European Central Bank (ECB) Governing Council, voiced apprehensions regarding the United States’ cryptocurrency reserve. In an interview with La Tribune Dimanche, he remarked that the U.S. could be "sowing the seeds of future upheavals" by promoting cryptocurrencies and non-bank finance, suggesting that this could lead to financial crises that first impact the U.S. before spreading globally. His remarks coincide with President Donald Trump’s recent executive order aimed at establishing a Strategic Bitcoin Reserve.
Possible Acquisition of Binance by Trump’s Family
Reports from The Wall Street Journal and Reuters suggest that representatives from Donald Trump’s family are exploring a potential investment in Binance’s U.S. operation. While discussions have taken place, the outcome of these talks remains uncertain. Binance has been attempting to recover from regulatory setbacks, and founder Changpeng Zhao is reportedly advocating for a pardon for Trump to further assist the company’s interests.
Russia’s Crypto Adoption in Oil Trading
In international developments, sources have indicated that Russia is employing cryptocurrencies to facilitate oil trades, particularly with India and China. This strategy aims to circumvent European sanctions affecting the Russian oil sector. By utilizing cryptocurrencies like Bitcoin, Ether, and Tether, Russian oil companies are reportedly converting Indian rupees and Chinese yuan into Russian roubles. This practice, while small, is part of a growing segment of Russia’s significant oil trade, valued at $192 billion in 2024. ### Conclusion
As the cryptocurrency market continues to navigate these complex developments, investors are advised to monitor key economic indicators and market sentiment closely. With Bitcoin on the rise and significant geopolitical implications unfolding, the coming weeks may prove pivotal for both the cryptocurrency and broader financial markets.
For further updates on market trends and news, stay tuned to our coverage and consider downloading the Mint News App for real-time market updates.
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