Crypto Price Today: Bitcoin holds $25,000; Ethereum below $1,650; Toncoin, Litecoin tank up to 8%

Bitcoin and other crypto tokens were corrected sharply during the trading session on Thursday amid the increasing US regulatory scrutiny. However, the US Federal Reserve left the interest rates unchanged but the central bank fueled the fears about a renewal of hawkishness later this year.
 
Bitcoin extended its fall and its crash was steeper as the largest crypto token dropped about 4 per cent but barely managed to hold $25,000-mark. Its largest peer, Ethereum, was also down, tanked more than 5 per cent and slipped below $1,650-levels. However, the pain in the altcoins was severe.

Despite regulatory challenges in the US crypto industry, Bitcoin has managed to hold above a significant support level of $25,200-$25,400. Despite the recent actions taken by the Securities and Exchange Commission (SEC) against major players in the industry, Bitcoin has shown resilience, said CoinDCX Research Team.

"Interestingly, amidst the ongoing bear market and regulatory challenges in the US, Tether has achieved a new milestone by reaching an all-time high supply of 83.36 billion USDT, indicating a sustained demand for stablecoin despite the prevailing market conditions," it added.

Top crypto tokens, even including the stablecoins, were trading in deep pain on Thursday. Toncoin plunged about 8 per cent, while XRP was down 7 per cent. Litecoin tumbled 6 per cent, while Cardano and BNB shed 5 per cent each. Polygon was seen 4 per cent down.

The global cryptocurrency market cap was trading sharply lower, falling to $1.02 trillion-mark as it dropped more than 3 per cent in the last 24 hours. However, the total trading volumes rose about 6 per cent to $33.96 billion.
 

Tech View by WazirX Trade Desk
Ethereum(ETH) is a globally accessible platform for decentralized applications, built on open-source principles. ETH supports a wide range of cryptocurrencies and facilitates the execution of decentralized smart contracts.
 

On the weekly time-frame, the Ethereum price chart can be seen moving within an ascending channel pattern. ETH is expected to consolidate around the $1,800 levels for a few days before continuing its upward trend. The next support is expected at $1,615 and next resistance is expected at the $1,877 level


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