Crypto Market Shows Mixed Trading as Interest Rates and SEC Chair’s Comments Impact Sentiments
Bitcoin and other crypto tokens were trading mixed on Thursday as rising interest rates and macroeconomic factors made market sentiments jittery. Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, continued his critical stance against crypto in congressional testimony on Wednesday.
Bitcoin and Ethereum Prices
Bitcoin managed to post some gains as the largest crypto token added about half-a-percent but managed to hover around $26,500-levels. On the other hand, Ethereum inched up about a percent to once again top the $1,600-mark. However, the price action in the altcoins remained on the mixed side.
Current Prices and Market Cap
Bitcoin is currently priced above the $26,300 mark, coinciding with the US dollar index achieving a new 10-month high at 106.48. Meanwhile, Ethereum has been hovering around the $1,600 threshold. The total trading volumes rallied more than 48 percent to $28.87 billion. The global cryptocurrency market cap was trading slightly higher, falling to the $1.05 trillion-mark, rising about half-a-percent in the last 24 hours.
Altcoin Trading and Market Performance
All top crypto tokens were trading mixed on Thursday. Among the gainers, Toncoin and Solana jumped more than 2 percent each. On the contrary, Litecoin, XRP, Polygon, BNB, and Dogecoin showed losses.
Tech View on Bitcoin Cash
Tech View by WazirX Trade Desk analyzed the performance of Bitcoin Cash (BCH), a decentralized cryptocurrency designed as a peer-to-peer electronic cash system. The cryptocurrency operates without the need for any trusted third parties due to its permissionless nature. On the daily time-frame, the BCH/USDT trend has come out of its consolidation phase as the chart breaks out of a long-formed triangle pattern with significant buying volumes.
Analyst’s Opinion
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that the market is calling for a $30,000 level for BTC soon. He also mentioned the surge in Terra’s LUNA. This price action is being attributed to LUNA’s community passing a proposal that makes them move away with the minting of new USTC stablecoins, which was the supposed-to-be stable coin of the Terra Luna ecosystem.
Closing Thoughts
The continued comments from the SEC chair and the impact of rising interest rates on market sentiments have resulted in mixed trading for the crypto market. However, with the market cap showing a slight increase and Bitcoin and Ethereum hovering at certain price levels, the market remains unpredictable.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
