Bitcoin and Other Major Cryptocurrencies Plunge After US Fed Meeting
The cryptocurrency market saw a sharp decline on Thursday following the release of the US Federal Reserve’s meeting minutes. The minutes from the July meeting spooked traders and dampened sentiment across the globe, as it hinted at the possibility of more rate hikes by the US central bank.
Bitcoin, the largest cryptocurrency, continued to weaken, dropping as much as 2 per cent and slipping below the $29,000 mark once again. Ethereum, the second-largest crypto token, also saw a 2 per cent decline, falling below the $1,800 level. The price action in other major altcoins was also on the lower side.
Bitcoin was trading above $28,500, possibly due to the diminishing worth of the Russian Rouble and Argentina’s Peso in relation to the US Dollar. Meanwhile, Ethereum deviated from its previous trading range of $1,800 to $1,900, positioning itself just below the $1,800 threshold, according to Edul Patel, Co-Founder & CEO at Mudrex.
Other top cryptocurrency tokens also took a hit on Thursday. Shiba Inu dropped more than 8 per cent, Litecoin tanked more than 5 per cent, and Dogecoin and Toncoin tumbled 4 per cent each. XRP, BNB, and Solana were also down by 3-2 per cent in the early trading session.
The global cryptocurrency market cap fell to the $1.14 trillion mark, a decrease of almost 2 per cent in the last 24 hours. However, the total trading volumes jumped more than 19 per cent to $36.82 billion.
Tech View by WazirX Trade Desk: Analysis of THORChain (RUNE)
THORChain (RUNE) is a decentralized liquidity protocol that allows users to exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process.
Currently ranked at #68 with a market capitalization of $518 million, the RUNE/USDT price has broken out of a descending channel pattern with huge volume on a daily timeframe. It gained 45 per cent in the last week, with the next resistance expected at 1.7 USDT and an immediate support at 1.2 USDT.
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