Synopsis
Cryptocurrency markets were hit by a sell-off, with Bitcoin falling 3.7% to $24,918, while Ethereum was below $1,650 following the US Federal Reserve’s hawkish comments. Other cryptocurrencies, such as XRP and Litecoin, also saw losses of over 6%. The global cryptocurrency market cap fell 3.24% in the last 24 hours, standing at around $1.02tn. The news of a possible interest rate rise from the Fed led investors to reduce riskier investments and move to safer assets.
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Explore NowThe cryptocurrency markets were trading in the red on Thursday after the US Federal Reserve left rates unchanged as anticipated but hinted at the possibility of more hikes later this year.
Bitcoin (BTC) fell 3.7% to $24,918, whereas Ethereum (ETH) was below the $1,650 level. BTC volume stood at approximately $15.28 billion, rising 17.54% in the last 24 hours.
“Bitcoin experienced a drop to $24,990, marking its first time hitting this level since March. This decline came in the midst of a turbulent week, triggered by a hawkish announcement from the Federal Reserve,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens were also trading lower. XRP and Litecoin fell by over 6%. Meanwhile, BNB, Dogecoin, Polygon and Polkadot traded with cuts.
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View Details »The global cryptocurrency market cap was trading lower around $1.02 trillion, falling 3.24% in the last 24 hours. The market cap of Bitcoin, the world’s largest cryptocurrency, was around $483 billion. Bitcoin’s dominance is currently 47.46%, a decrease of 0.11% over the day, according to CoinMarketCap.
“Total crypto market cap has dropped by 3% overnight as the US Fed indicated possibilities of more interest rate hikes this year. Bitcoin is fighting to stay above $25,000 with major support around $24,000 if its corrective retracement plays out,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 36, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 15 and 29, respectively, further indicating a Neutral market.
“The MACD Level (12, 26) at -509 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 13 with a Neutral indicator, while the Williams Percent Range (14) at −91 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.08 hours, IST on June 15, 2023)
Bitcoin $24,918 -3.7%
Ethereum $1,638 -5.81%
Tether $0.998 -0.19%
BNB $235 -5.33%
XRP $0.4786 -6.55%
Cardano $0.2579 -5.9%
Dogecoin $0.05991 -3.05%
Polygon $0.6171 -4.74%
Solana $14.78 -2.24%
Litecoin $72.64 -6.40%
Polkadot $4.50 -2.86%
Tron $0.07192 -0.49%
Avalanche $11.32 -4.23%
Shiba Inu $0.00000659 -3.16%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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