Home » Cryptocurrency price: Following the Fed’s decision to maintain stable rates, Bitcoin falls below $58,000.

Cryptocurrency price: Following the Fed’s decision to maintain stable rates, Bitcoin falls below $58,000.

by Leone
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Following the US Federal Reserve’s decision to keep interest rates constant and its hint that rate reductions might be postponed, bitcoin saw a dip on Thursday. Furthermore, a mixed Hong Kong debut of investment products tracking competitor cryptocurrency Ether and the top cryptocurrency in the world had an impact on Bitcoin’s decline.

At 12:02 PM IST, Ethereum had declined by 1.5% to $2,920, while Bitcoin had down 3.3% to $57,629 at that time.

Late on Wednesday, Fed Chair Jerome Powell stated that a rate hike was unlikely but reaffirmed that the Fed would only consider a rate decrease if economic inflation continued to decline.

Bitcoin trades at $57,000 mark in the past 24 hours following the US Federal Reserve’s decision to maintain its benchmark interest rate between 5.25% and 5.50%,” the CEO of Mudrex, Edul Patel, stated. Due in large part to geopolitical unrest and socioeconomic factors, Bitcoin has been declining since the end of February. The $56,600 level is the next support level, and the $58,800 level is the following resistance level.

Bitcoin trades

In the meantime, Giottus Crypto Platform CEO Vikram Subburaj stated, “Bitcoin saw a notable decrease today, falling 4% in reaction to macro and ecosystem events. The decision responded to Binance founder CZ’s 4-month prison sentence in the US and investors’ lack of enthusiasm for the Hong Kong spot ETF launch.

In the past day, the value of the worldwide cryptocurrency market fell by 2.4% to approximately $2.16 trillion.

Uniswap (-0.5%), Dogecoin (-3%), Toncoin (-4%), BNB (-3.2%), Shiba Inu (-0.2%), NEAR Protocol (-2.2%), and other significant cryptocurrency tokens all saw declines. Conversely, Solana, XRP, Cardano, and Polkadot experienced a 5% increase.

According to data available on CoinMarketCap, the total amount of stablecoins is currently $98.61 billion, or 92.67% of the 24-hour volume of the whole cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, had a decline in market capitalization to $1.132 trillion in the past day. 52.53% of the market is presently dominated by Bitcoin, according to CoinMarketCap. The volume of BTC increased by 29.5% to $49.6 billion in the last day.

From a technical standpoint, Bitcoin has dropped by almost 20% from its peak. There is now no major support in the $52,000–$53,000 region, therefore a dip below the $57,000 level could trigger a further decline below that range. ETH must also remain above $2,900 in order to avoid falling to the $2,700 mark, according to the CoinDCX Research Team.

The ETH/BTC pair is still robust in spite of the downturn, suggesting that some altcoins are still strong despite BTC’s collapse. However, the majority of altcoins are still in the red, according to CoinDCX.

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