The cryptocurrency market in India witnessed a surge today, with a 3.2% increase in the total market capitalization to $2.8 trillion on March 20. This surge was primarily driven by the rise in Bitcoin (BTC) and Ether (ETH) prices by around 3% and 4%, respectively. The market rebound can be attributed to the risk-on sentiment following gains in US equities post the Federal Reserve’s decision to maintain interest rates. The US Dollar Index (DXY) remains low, down more than 6.04% since January. The Fed’s decision to keep interest rates unchanged at 4.25%-4.50% with a projection of two rate cuts by the year-end has boosted traders’ interest in risk assets like cryptocurrencies. Additionally, speculation about potential pro-crypto policy updates by the US government, especially President Donald Trump’s rumored announcement at the Digital Asset Summit in New York City, has further fueled market optimism. The technical rebound in the crypto market started after hitting a low of $2.44 trillion on March 11, aiming to surpass the resistance zone between $2.8 trillion and $3 trillion, where both the 200-day and 50-day simple moving averages (SMAs) are positioned. A breakout above this zone could signal a bullish trend with targets set at the all-time high around $3.20 trillion. The Relative Strength Index (RSI) has also shown a bullish momentum shift from oversold levels on March 11 to a current reading of 47. This positive trend indicates a potential uptrend in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"
The cryptocurrency market in India witnessed a surge today, with a 3.2% increase in the total market capitalization to $2.8 trillion on March 20. This surge was primarily driven by the rise in Bitcoin (BTC) and Ether (ETH) prices by around 3% and 4%, respectively. The market rebound can be attributed to the risk-on sentiment […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/79383"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=79383"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/79383\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=79383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=79383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=79383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}