In cryptocurrencies, bitcoin price declined today after snapping a rare 14-day winning streak as a cautious mood overshadowed the risk appetite that drove a variety of assets at the start of the year. The world’s largest cryptocurrency was trading about 3% lower at $20,759. According to CoinGecko data, the global crypto market cap fell nearly 4% over the past 24 hours to $1 trillion today.
“Most cryptocurrencies declined as markets reacted to US action on the BitzLato exchange. Bitcoin briefly rose above its resistance at $21,480 but was unable to hold gains, potentially taking advantage of short-term traders. was attracting buys. If it can rise above $21,400, it could attract buyers and push the price higher. Ethereum managed to overcome its resistance at $1,600 but failed to close above it. It failed. Its immediate support now lies at $1,490, and its resistance at $1,550, said Edul Patel, CEO and co-founder, Mudrex.
Bitcoin’s 14-day relative strength index has dropped above 90 but remains above 70, the threshold for so-called overbought conditions, according to a Bloomberg report. For some strategists, this signals a possible halving in bitcoin’s 2023 advance.
On the other hand, Ether, the coin associated with the Ethereum blockchain and the second largest cryptocurrency, also slipped more than 4% to $1,526. Meanwhile, Dogecoin price was still down 6% today to trade at $0.08, while Shiba Inu fell by over 11% to $0.000011.
Today’s performance of other crypto prices also declined as Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalanche, Polygon, Appcoin, Tron, Solana, Litecoin, Uniswap are trading with losses in the last 24-hours. Was
Bitcoin and a gauge of the top 100 tokens have both jumped more than 20% this year, reaping at least a sliver of last year’s digital-asset rout. Much of this is driven by the view that debilitating interest rate hikes are coming to an end as inflation cools. Crypto coins have shed nearly $2 trillion since the peak in November 2021. The crypto sector is also grappling with the fallout of the FTX exchange collapse.
(with inputs from agencies)
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