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Bitcoin and other crypto tokens were trading higher on Thursday after the US Federal Reserve announced that it will increase the interest rates by 25 basis points, which was on the expected lines. However, the US central lender said that it is open to push rates again, if need be, which capped the gains in the digital assets.
Bitcoin extended its gains on Thursday as the largest crypto token added as much as a per cent but remained below 29,500-mark. However, Its largest peer, Ethereum outperformed and gained more than a per cent but it also remained below $1,900-levels. Price in the action altcoins was on the higher side.
After the US Federal Reserve raised its interest rates by 25 basis points, as anticipated by the market, most cryptocurrencies experienced a slight increase. This rate hike was the highest since 2001, said Edul Patel, Co-founder and CEO at Mudrex.
“Bitcoin, which had dipped to a low of $29,097 on Tuesday, has now shown signs of recovery and is trading above the $29,400 mark. However, to fend off the aggressive bears, the bulls need to drive the price back up and maintain it above the $31,000 threshold. Meanwhile, Ethereum was observed being traded at the $1,870 level,” he said.
Barring a few exceptions, all other top crypto tokens were trading higher on Thursday. Solana surged about 6 per cent, while Polygon and Bitcoin Cash added 3 per cent each. Cardano, Litcoin and Polkadot rose 2 per cent each for the day. Among the laggards, Toncoin shed 4 per cent and Dogecoin was down over 2 per cent each.
The global cryptocurrency market cap was trading quite higher, rising down to $1.19 trillion-mark as it gained about a per cent in the last 24 hours. However, the total trading volumes jumped more than 16 per cent to $30.56 billion.
Bitcoin has remained relatively stagnant, stuck below the $30,000 level, primarily due to apprehension surrounding the Federal Reserve’s upcoming decision on rate hike, which is widely expected to include a 25-basis point. Bitcoin investment products suffered a $13 million outflow last week, said CoinDCX Research Team.
“XRP has emerged as the most traded altcoin of 2023 so far, with a record-breaking $150 billion trading volume. The crypto has benefited from the recent court ruling that it is not a security, capturing the attention of traders worldwide and signaling a potential shift in how crypto assets are perceived and regulated,” he said.
Tech View by WazirX Trade Desk
Clover Finance, also known as Clover, functions as a blockchain operating system that offers a comprehensive and user-friendly blockchain infrastructure. It includes a framework compatible with the Ethereum Virtual Machine (EVM) for Substrate-based applications, providing a convenient all-in-one solution.
In the weekly time period, the CLV/USDT trend has broken out of the descending triangle pattern with a jump in trading volumes. The token has gained over 2% in the last 24 hours. The price is expected to have a positive trajectory in the coming days. The next resistance is expected at $0.57 and an immediate support is expected at $0.36 levels.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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.
