Synopsis
The cryptocurrency market fell on Tuesday ahead of the FOMC meeting. Bitcoin faced a decline of 2.04% while Ethereum was below $1,850. Investors are closely eyeing the Federal Reserve’s announcement about interest rate hikes on Wednesday, which may affect the markets. However, Bitcoin has registered growth in all four months of the year, despite experiencing a short-term downtrend with a strong support level at $27,000. The global cryptocurrency market cap increased by 1.51%, trading around $1.16 trillion, and BTC currently has a market cap of roughly $543 billion.
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Explore NowThe cryptocurrency markets were trading in the red on Tuesday ahead of the FOMC meeting on Wednesday. Bitcoin (BTC) fell 2.04% to $28,056, whereas Ethereum (ETH) was below the $1,850 level. BTC volume in the last 24 hours stood at approximately $15.74 billion, falling 13.55% in the last 24 hours.
“Bitcoin started the new week trading in the red, as markets prepare for an important week of the U.S economic events. Currently, BTC is being traded at the US$28,000 level, having reached a weekend high of US$29,900. Investors are closely monitoring the Federal Reserve’s announcement regarding interest rate hikes on Wednesday,” Edul Patel, Co-founder and CEO at Mudrex, said.
The global cryptocurrency market cap was trading higher around $1.16 trillion, rising 1.51% in the last 24 hours.
The total volume in DeFi is currently 2.50 billion, 7.18% of the total crypto market 24-hour volume. The volume of all stablecoins is now $32.31 billion, which is 92.87% of the total crypto market 24-hour volume.
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View Details »The market cap of Bitcoin, the world’s largest cryptocurrency, was around $543 billion. Bitcoin’s dominance is currently 46.67%, a decrease of 0.23% over the day, according to CoinMarketCap.
“Bitcoin has been resilient and has registered growth in all four months of the year (first time since 2013). Currently, it is experiencing a short-term downtrend that enjoys strong support at $27,000 level in case of a further decline. Once it bounces back, reclaiming $30,000 will be the ideal path,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
With the US Fed doing a press conference later this week, we anticipate some volatility on both sides based on macroeconomic conditions, Subburaj said.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Bearish sentiment is currently indicated by candlestick patterns, while the RSI and MACD indicators predict a potential downtrend in Bitcoin price. The trendline on the 4-hour chart suggests that Bitcoin may encounter immediate support at 27,600, with another support level at 27,200 if the price breaks below this level.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.16 hours, IST on May 02, 2023)
Bitcoin $28,045 -2.12%
Ethereum $1,835 -0.79%
Tether $1.00 -0.02%
BNB $324 -3.02%
XRP $0.4635 -0.39%
Cardano $0.3863 -1.15%
Dogecoin $0.07855 -0.57%
Polygon $0.9608 -2.33%
Solana $21.92 -1.91%
Polkadot $5.69 -2.62%
Shiba Inu $0.000009917 -1.24%
Litecoin $87.41 -0.23%
Tron $0.06839 0.11%
(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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