Bitcoin prices fell to trade below the $36,000 level after the Federal Reserve kept the interest rate near zero with sights of a rate hike to beat inflation. world’s largest cryptocurrency Was trading at 35,940, down 5%. Bitcoin is still comfortably above the $33,000 level it broke on Monday, up more than 50% from its November peak.
Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization dropped 4% today to $1.71 trillion, dragged down by the steady decline in crypto prices.
“The daily time frame continues within a descending channel pattern. The next support for bitcoin is expected at the $30,140 level. Siddharth Menon, COO of WazirX, said, “With the factors surrounding the current position of BTC, we are looking at this level.” We can see a trend reversal.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, also fell more than 4% at $2,393, according to CoinDesk. Binance Coin was also down more than 5% at $364.
“ETH against BTC showed some strength on the last day with a breakout of the 0.07 level and a gain of over 5% in the process. The daily trend pattern for Ethereum continues to trade within an ascending channel pattern. It is trading close and a breakout from this pattern could further weaken Ethereum against Bitcoin. Immediate support is expected at 0.0658,” Menon said.
The price of Dogecoin is also down 5% to $0.14, while the Shiba Inu is down more than 6% to $0.0000020. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with major cuts in the last 24 hours.
(with inputs from agencies)
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