Crypto Price Today: Bitcoin slips below $28,000; Ethereum holds $1,850; XRP up 3%

Bitcoin and other crypto tokens continued to remain under pressure on Thursday amid the expectations of another rate hike by the US Federal Reserve, which is denting the investors sentiments. Concerns over US debt ceilings, coupled with hawkish commentary kept the traders on tenterhooks.

Bitcoin extended its fall on Thursday as the largest crypto token dropped more than 3 per cent to slip below $27,000-mark once again. Similarly, its largest peer, Ethereum, was also in red as it dropped over 2 per cent but managed to hold above $1,850 levels. Majority of altcoins were also trading lower.

The price of Bitcoin fell below the $27,000 mark due to concerns about an impending interest rate hike and increasing inflation. The hawkish remarks made by the president of Cleveland's Federal Reserve Bank regarding potential rate increases in the United States unsettled the market, said Edul Patel Co-founder and CEO at Mudrex.

"Discouraging manufacturing data from China further increased the unease among cryptocurrency investors over the past 24 hours. Following Tuesday's peak at $28,037, BTC experienced a decline throughout Wednesday, reaching its lowest point. Similarly, Ethereum mirrored Bitcoin's performance, dropping by over 2 per cent and trading around the $1,850 mark," he said.

Barring the XRP and US dollar pegged stables, all other top crypto tokens were trading lower on Thursday. Cardano and Polkadot dropped 4 per cent each, while Avalanche, Tron, Solana and BNB were down 2 per cent each. The sole rising altcoin, XRP, was up over 3 per cent.

The global cryptocurrency market cap was trading sharply lower, falling to $1.13 trillion-mark as it declined more than 2 per cent in the last 24 hours. However, the total trading volumes jumped over 17 per cent to $35.69 billion.

Bitcoin is experiencing a selling pressure, accompanied by a market cap of $525 billion over the last 24 hours. Moreover, the largest crypto is on track for its first monthly drop in 2023, with a 9 per cent decrease in May. Despite this, Bitcoin still maintains a year-to-date gain of 63 per cent, said CoinDCX Research Team.

"Ethereum on the other hand is experiencing a deflationary phase. Over the past month, the Ethereum network has witnessed the burning of over 143,830 Ether, equivalent to approximately $275 million. Investor sentiment is evolving, and the two leading crypto assets no longer move in lockstep," it added.

 

Tech View by WazirX Trade Desk

SelfKey(KEY) is an identity platform built on blockchain technology. This platform offers individuals, companies, exchanges, fintech startups, and banks a means to efficiently manage identity data, which commonly includes Know Your Customer (KYC) information.

The KEY/USDT trend had formed a distinctive triangle pattern on the daily time frame, gaining over 20% in the last 24 hours. The trend has now broken above the triangle pattern and we can expect the uptrend to continue for the coming days. An immediate support is expected at 0.0075 USDT and next resistance is expected at 0.0089 USDT

 

(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.)