Synopsis
Cryptocurrency markets were trading mixed as the Federal Reserve’s policy meeting concludes. Bitcoin, XRP, and Solana traded with cuts, while BNB, Polygon, and Shiba Inu traded with gains. BTC fell 0.88% to $25,881, with its volume at $13.02 billion, up 12.48% in the last 24 hours. The global cryptocurrency market cap was around $1.06 trillion, falling 0.49% in the same period. According to Shivam Thakral, CEO of BuyUcoin, the market could react sharply to the FOMC meeting outcome. Rajagopal Menon, VP at WazirX, noted that major market oscillators showed a neutral sentiment.
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Explore NowThe cryptocurrency markets were trading mixed on Wednesday ahead of the Federal Reserve policy meeting which concludes later on in the day. Bitcoin, XRP, and Solana were trading with cuts, while BNB, Polygon, and Shiba Inu were trading with cuts.
Bitcoin (BTC) fell 0.88% to $25,881, whereas Ethereum (ETH) was below the $1,750 level. BTC volume stood at approximately $13.02 billion, rising 12.48% in the last 24 hours.
“The crypto market remained upbeat as a crypto community is anticipating a breather from continuous rate hikes in today’s FOMC meeting. The crypto market may react sharply to the outcome of the FOMC meeting today as any relaxation in monetary policies will prove beneficial for the financial markets in the long term,” Shivam Thakral, CEO of BuyUcoin, said.
The global cryptocurrency market cap was trading lower around $1.06 trillion, falling 0.49% in the last 24 hours.
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View Details »The total volume in DeFi is currently $2.05 billion, 6.57% of the total crypto market 24-hour volume. The volume of all stablecoins is now $30.11 billion, which is 96% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $502 billion. Bitcoin’s dominance is currently 48%, a decrease of 0.17% over the day, according to CoinMarketCap.
“BTC continues to trade above the psychological support at $25k, it is struggling to move above $26k. If BTC keep trading above $25k and global market capitalization holds above $1 trillion, we should soon be able to see a rally in crypto markets. Breaking those levels, however, can take the markets into deep red,” Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, 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 42, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 25 and 27, respectively, further indicating a Neutral market.
“The MACD Level (12, 26) at -385 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 37 with a Neutral indicator, while the Williams Percent Range (14) at −70 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.14 hours, IST on June 14, 2023)
Bitcoin $25,881 -0.88%
Ethereum $1,740 -0.72%
Tether $1.00 -0.01%
BNB $248 5.66%
XRP $0.512 -3.43%
Cardano $0.2745 -2.05%
Dogecoin $0.0618 -0.22%
Polygon $0.6481 0.27%
Solana $15.12 -2.08%
Litecoin $77.61 -1.12%
Polkadot $4.63 -0.01%
Tron $0.07227 0.32%
Avalanche $11.82 1.10%
Shiba Inu $0.000006806 1.14%
(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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