Synopsis
Cryptocurrency prices fell on Thursday as concerns over the US debt ceiling talks increase. Bitcoin dipped 1.88% to $26,241 while Ethereum fell below $1,800. Some observers are also worried about UK inflation, leading to a cautious market. This uncertainty was not helped by the FOMC minutes, which suggested central bankers were divided on interest rate hikes. Litecoin, Cardano, BNB, Polkadot, and Shiba Inu also fell.
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Explore NowThe cryptocurrency markets were trading in the red on Thursday amid concerns over US debt ceiling talks as a critical deadline nears without an agreement. Bitcoin (BTC) fell 1.88% to $26,241, whereas Ethereum (ETH) was below the $1,800 level. BTC volume in the last 24 hours stood at approximately $16.19 billion, rising 30.23% in the last 24 hours.
“Most cryptocurrencies traded in red as investors worried over rising concerns over the U.K. inflation on one side and the U.S. debt ceiling stalemate developments on the other. The release of the most recent FOMC minutes later in the day, showing U.S. central bankers divided on a continuation of interest rate hikes, did little to boost market confidence,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens were also trading lower on Thursday. Litecoin declined nearly 4%. Cardano, BNB, Polkadot and Shiba Inu were also trading lower.
The total volume in DeFi is currently 2.45 billion, 6.88% of the total crypto market 24-hour volume. The volume of all stablecoins is now $33.26 billion, which is 93.22% of the total crypto market 24-hour volume.
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View Details »The global cryptocurrency market cap was trading higher around $1.10 trillion, falling 1.73% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $508 billion. Bitcoin’s dominance is currently 46.15%, a decrease of 0.1% over the day, according to CoinMarketCap.
“Bitcoin is currently worth around $26,100, with its first support level at $25,600 and resistance at $26,650. The second support level is at $25,200, while resistance is at $27,300. Based on the 200-day moving average on the daily candle, the price of Bitcoin is within this range,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 37, with a neutral outlook. The Stochastic %K (14, 3, 3) at 35 and the Average Directional Index (14) at 26 indicate a Neutral outlook as well.”
“The MACD Level (12, 26), at −461, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 37 and William’s Percentage is Neutral at −81 as well,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.50 hours, IST on May 25, 2023)
Bitcoin $26,241 -1.88%
Ethereum $1,783 -2.16%
Tether $1.00 -0.02%
BNB $305 -1.16%
XRP $0.4528 -1.62%
Cardano $0.3588 -1.59%
Dogecoin $0.07062 -0.85%
Polygon $0.8781 0.51%
Solana $19.38 -0.45%
Litecoin $84.53 -3.47%
Polkadot $5.25 -1.12%
Tron $0.07762 -0.52%
Shiba Inu $0.000008514 -1.80%
(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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