Crypto Price Today: Bitcoin slips below $28k; Ethereum holds $1,800; Polkadot & BNB down 3%

Bitcoin and top crypto tokens were trading lower during the early trading hours in Asia. The digital asset market extended its cuts after the weekend selling pressure amid the thin trading volumes. Investors across the globe are awaiting the US Fed's monetary policy outcome later this week.
 

Bitcoin dropped another 2 per cent in the last 24 hours as the largest crypto token was trading below the $28,000 mark. Its largest peer Ethereum was also down but not much beaten. The second largest crypto asset dropped more than a per cent but remained about $1,800.

Bitcoin started the fresh week by trading in the red, as investors gear up for a crucial week of US economic events. Currently, Bitcoin is trading at the $28,000 mark, down from the weekend high of $29,900. In contrast, Ethereum remained stable at the $1,800 level, said Edul Patel, CEO and Co-Founder of Mudrex.

"Market participants are closely monitoring the Federal Reserve's interest rate hikes, which are expected to be announced on Wednesday, as well as the non-farm payroll data for April, which will be released on Friday. We might see some volatility in the market this week," he said.
 

All the top crypto tokens were trading lower on Tuesday. However, the fall in the altcoins was not very steep following the recent correction. Polkadot and BNB plunged about 3 per cent, each, followed by Polygon, Avalanche, and Shiba Inu dropped over 2 per cent, each.

The global cryptocurrency market cap was trading quite lower, falling near the $1.16 trillion mark as it jumped almost 2 per cent in the last 24 hours. However, the total trading volumes tanked about 2 per cent to $36.28 billion.

Crypto markets came under selling pressure in the last 24 hours. Crypto fear and greed index stands at 55, down from 63 points yesterday, hinting towards shaky but still bullish investor sentiments, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch. "This week, investors will be closely following the developments from the Feds around interest rates."

"Bitcoin's market-cap dominance seems to be on the rise again, reaching June 2020 levels, even though liquidity continues to be a challenge. The US Banking system came under further stress as JP Morgan acquired First Republic Bank. Meanwhile, the BTC network continued to work like clockwork and set a new record for the number of daily transactions processed," he said.

Note: Price change in last 24 hours
 

Tech View by WazirX Trade Desk
Chiliz(CHZ) is the leading digital currency for sports and entertainment by a Malta-based FinTech provider. Their platform, Socios, operates on blockchain technology and allows users to engage in the management of their preferred sports brands.
 

Socios.com features various fan tokens that serve as an instance of this service. By using fan tokens, sports clubs and associations can connect with their fans and access novel revenue streams.
 

On the weekly time frame, CHZ can be seen traversing within a triangle pattern, trading close to the support levels. However, we could expect a bounce back from the lower trendline in the coming days. The next resistance is expected at $0.15 and immediate support is expected at the $0.10 level.

(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.)