Crypto Price Today: Bitcoin regains $28k; Ethereum tops $1,850; Tron rises 3%

After some beatdown, Bitcoin and other top crypto tokens were mostly back in recovery mode ahead of the US Federal Reserve's monetary policy later in the day. The US central bank is expected to increase the interest rate 25 basis points on Wednesday. Korean crypto markets continued to remain stronger.

Bitcoin was trading higher as the largest crypto token regained the $28,000 level, after rising about 2 per cent in the last 24 hours. However, Its largest peer, Ethereum, posted similar gains; the second-largest crypto asset jumped as much as 2 per cent and was well above the 1,850-mark.

Following the release of the Job Openings and Labor Turnover Survey (JOLTS) data, Bitcoin experienced an increase of almost 2 per cent within the last 24 hours. The report indicated a decrease in job openings in the US to 9.6 million in March, below the expected 9.775 million and the lowest value since April 2021, said Edul Patel, CEO and Co-Founder of Mudrex.

"Investors might have perceived unfavorable employment data as favorable for the markets. After the data was released, Bitcoin quickly rebounded from a six-day low at $27,600 to reach the $28,500 level. Investors and traders might also be taking preemptive measures ahead of the US. Federal Reserve's upcoming decision on interest rate hikes. Ethereum traded over $1,850," he said.

Barring the BNB, Dogecoin and US dollar-pegged USD Coin, all other top crypto tokens were trading higher on Wednesday. Tron jumped about 3 per cent, whereas Polygon, Litecoin, Avalanche and Shiba Inu rose about a per cent each. However, losers posted mild cuts.

The global cryptocurrency market cap was trading decently higher, hovering near the $1.18 trillion mark as it jumped more than a per cent in the last 24 hours. However, the total trading volumes dropped about 3 per cent to $35.28 billion.

In the short term, the escalating banking crisis, the US economic outlook and monetary policy will affect the price of Bitcoin. Currently consolidating in the $27,000-$31,000 range, further US bank collapses may increase safe-haven demand, pushing Bitcoin sustainably toward $30,000, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.

"Analysts are predicting a new bull market for Bitcoin due to on-chain indicators, historical market cycles and ongoing macroeconomic issues such as financial stability concerns," he said.

The crypto market remained almost flat ahead of the expected rate hike by the US Fed on Wednesday. The rate hike of 25 basis points is expected and it remains to be seen if the Fed will end its hawkish stance and relax monetary policies to boost liquidity in the market, said Shivam Thakral, CEO of BuyUcoin.

"The continued rate hikes have already made borrowing a costly affair and we don’t expect rates to come down from current levels anytime soon. The crypto market momentum will largely depend on the macroeconomic factors surrounding the financial markets," he added.

Chingari, an on-chain social app, has burnt 2.6 million GARI tokens, about 25 per cent of  total GARI token supply. The revenue generated from boost and badge sales has funded this token burn, and Chingari plans to continue with monthly token burns until the total supply of GARI tokens reaches 21 million.

Chingari's monthly token burns will take place on the first day of each month and involve burning revenue earned from the previous month's Boost and Badge sales. The on-chain app also aims to add more revenue streams for token burn if required. These burns will ensure the permanent deletion of coins from their circulating supply, a process known as token burn.

Tech View by Giottus Crypto Platform
Polkadot (DOT) is currently trading at $5.6 after getting rejected at the $5.8 mark.  The Bollinger Bands (blue lines) are currently wide as the price volatility increases near $5.8 and shows convergence as the price action is trending down below the indicator’s mean line.

The indicator’s bottom line provides support at $5.5 while the upper limit presents an immediate resistance at $6.0. While there is a slight decrease in demand in the last few days, we observe an increasing trend of accumulation for the coin which is a positive sign in the medium term.

Major Levels:
Support: $5.5, $5.6
Resistance: $5.8,$6.0

(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.)