Crypto On March 10: Market Dips Again After A Bullish Day

The cryptocurrency market dipped once again Thursday after trading in the green the previous day. While top coins gained immediately after President Joe Biden signed an executive order to regulate cryptos, the market pulled back on Thursday.

The global market cap was down 5.21% at $1.75 trillion as of 4.11 a.m. ET, CoinMarketCap data showed.

Bitcoin plunged 6.51% to $39,254. Ethereum, too, dipped 5.65% to $2,599. Barring a slight uptick in USD Coin and Tether, all other top 10 cryptos traded lower. Meme cryptos too plunged.

However, industry experts believe that regulatory clarity will prove to be a positive step for cryptos in the near future.

Referring to the signing of the executive order in the United States and the Indian government's plan to roll out central bank digital currency this year, Indian exchange CoinDCX said, "These positive developments continue to signal the growing regulatory acceptance of digital assets and a favourable move towards progressing the future of finance, building greater credibility, safety and trust in the industry."

Institutional investors also continue having confidence in the growth and potential of the industry. Most recently, startup investment firm Bain Capital Ventures launched a US$560 million fund exclusively focused on crypto-related initiatives, adding to the burgeoning investments pouring into the sector.

This comes after Sequoia Capital announced that it is looking to raise up to $600 million for its first crypto-specific fund.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.