In cryptocurrency, the price of Bitcoin, the world’s largest and most popular digital token, was trading almost flat today with a negative bias at $20,533 as the crypto market traded sideways after the Federal Reserve decided to raise interest rates. After hitting an all-time high of around $69,000 in November last year, bitcoin price has been trading in a narrow range around $20,000 since June this year.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also fell nearly one percent to $1,542. Meanwhile, Dogecoin price is trading down more than 10% today at $0.11 while the Shiba Inu is also down almost 4% at $0.0000011.
Today’s performance of other crypto prices was mixed as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap price was trading with gains in the last 24 hours, while Appcoin, Polygon (up 14%), Polkadot, Chainlink, Cardano, Stellar gained.
According to CoinGecko, the global crypto market cap remains above the $1 trillion mark today, even though it was almost flat at $1.05 trillion in the past 24 hours.
The market cap of outstanding cryptocurrencies has fallen by more than half this year as the Federal Reserve hiked interest rates, pulling back a flurry of pandemic-era stimulus that has driven the risky asset’s price up sharply. Investor interest in betting on the token has waned as the price fell sharply from its peak.
Bitcoin has traded with riskier assets almost in lockstep over the past few years, as pandemic-era stimulus flooded the global economy, and then central banks such as the Federal Reserve hiked rates to cope with worsening inflation. is of.
Coinbase Global Inc., the largest exchange for cryptocurrencies, does not expect the industry to rapidly rebound from the trading slump affecting its revenues. “We are preparing for 2023 with a more conservative bias,” Coinbase Chief Financial Officer Alessia Haas said in an interview with Bloomberg. Headwinds may continue or possibly intensify.”
(with inputs from agencies)
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.