NEW DELHI: The cryptocurrency market traded lower on Tuesday, ahead of the 2023 Union budget and tomorrow’s Fed interest rate decision. Bitcoin (BTC) fell 4% to $22,788, while Ethereum (ETH) was below the $1,600 mark.
BTC volume hovered around $26.77 billion over the past 24 hours, up 4.12% over the past 24 hours.
“Bitcoin, Ethereum and most cryptocurrencies fell in the last 24 hours ahead of the US Federal Reserve’s first meeting of 2023, which is scheduled for Wednesday. Bitcoin was below $23,000 and fell 4%. Ethereum also fell below $1,600, down 3%. Support for BTC is now $22,700 while resistance sits at $23,000,” said Edul Patel, CEO and co-founder of Mudrex.
“On the downside, however, Dogecoin gained 5% after Elon Musk wanted the Twitter payments system to support cryptos. Volatility could linger ahead of Fed meeting and Indian Union Budget release,” Edul added.
Other top crypto tokens also traded lower on Tuesday. Solana fell 7%. Polkadot, Shiba Inu, Polygon, and XRP also traded cuts.
The global cryptocurrency market cap traded lower by around $1.04 trillion, falling 3.29% in the last 24 hours.
The price of Bitcoin, the world’s largest cryptocurrency, was around $439.77 billion with about 42.32% dominance, according to CoinMarketCap, down 0.16% on the day this month by 39 % gone up. However, the current situation could change tomorrow as the Fed meeting is scheduled for tomorrow, which could be the litmus test for the digital asset market. If the Fed goes ahead with rate hikes, we may see individuals move away,” said Mahin Gupta, founder of Liminal.
Crypto Cart: Fast
(Source: coinmarketcap.com, data as of 11:35 a.m., ACTUAL on January 31, 2023)
Bitcoin $22,788 -4%
Ethereum $1,564 -4.36%
Tether $1 -0.01%
USD coin $0.9999 -0.01%
BNB $311.45 -1.09%
XRP $0.3901 -5.45%
Dogecoin $0.09209 3.33%
Cardano $0.3701 -5.69%
Polygon $1.08 6.44%
Polka Dot $6.18 -5.46%
Tron $0.0627 -1.13%
Litecoin $94.53 -0.41%
Shiba Inu $0.00001165 -3.49%
Solana $23.77 -6.91%
(Note: price change in the last 24 hours)
(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of The Economic Times.)
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