Synopsis
“The Bitcoin rally was interrupted by the interest rate hike of 25 basis points announced by the Fed in the latest FOMC meeting. The evolving banking situation in the US is making investors jittery, and markets are expected to remain choppy in the coming weeks,” Shivam Thakral, CEO of BuyUcoin, said.
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Explore NowNew Delhi: The cryptocurrency markets were trading in the red on Thursday after the Federal Reserve unveiled a ninth straight interest rate hike. Bitcoin (BTC) fell 1.88% to $27,698, whereas Ethereum (ETH) was below the $1,800 level.
BTC volume in the last 24 hours stood at approximately $32.36 billion, down 6.07%.
“The 25 basis point anticipated interest rate hike and the associated hawkish messaging from the US Fed created volatility in crypto markets with Bitcoin (BTC) dropping 3% overnight,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
“BTC enjoys good short-term support at $26,500-$26,900 levels and a strong base at $25,300. If BTC holds any of these levels in the next week, the rally can potentially continue as the rate-hike ripple settles down,” Subburaj added.
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View Details »Other top crypto tokens were also trading lower on Thursday. XRP tumbled over 7%. Dogecoin, Cardano and BNB were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.16 trillion, falling 2.10% in the last 24 hours.
The total volume in DeFi is currently 6.06 billion, 8.90% of the total crypto market 24-hour volume. The volume of all stablecoins is now $62.31 billion, which is 91.46% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $535.76 billion. Bitcoin’s dominance is currently 46.23%, an increase of 0.11% over the day, according to CoinMarketCap.
“The Bitcoin rally was interrupted by the interest rate hike of 25 basis points announced by the Fed in the latest FOMC meeting. The evolving banking situation in the US is making investors jittery, and markets are expected to remain choppy in the coming weeks,” Shivam Thakral, CEO of BuyUcoin, said.
Rajagopal Menon, Vice President at WazirX said, “Major market indicators point towards a neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 65.32, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 87.35 and 35.46, respectively, further indicating a neutral market.”
“The MACD Level (12, 26), at 1347.56, indicates a Buy. The Stochastic RSI Fast (3, 3, 14, 14) is at 88.31 with a Neutral indicator, while the Williams Percent Range (14) at -16.47 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.20 hours, IST on March 23, 2023)
Bitcoin $27,700 -1.89%
Ethereum $1,755 -2.53%
Tether $1 0.07%
BNB $324.38 -4.37%
XRP $0.4305 -7.30%
Cardano $0.3642 -4.30%
Polygon $1.12 -3.12%
Dogecoin $0.07485 -1.30%
Solana $21.63 -3.72%
Polkadot $6.15 -3.03%
Tron $0.06212 -7.40%
Shiba Inu $0.00001067 -2.33%
Litecoin $87.95 7.93%
(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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