Bitcoin Hovers Near $29K Ahead Of FOMC Meeting Outcome
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are once again stuck in narrow range, and price of Bitcoin (BTC) hovering near $29,100 mark, largely unchanged over the past 24 hours, as investors awaited a likely 25 basis point increase from the U.S. central bank. Dogecoin (DOGE) surged 9% amid optimism about what Elon Musk’s latest moves at Twitter mean for the meme coin.
On Monday, the largest cryptocurrency by market capitalisation dipped below $29,000 for the first time in more than a month, stung by the looming Federal Reserve rate hike decision. The price of BTC was around $29,167.34, up 0.15% versus 24 hours earlier.
Ether, the second largest crypto in market value, was recently changing hands at $1,856.37, up 0.41%.
Popular meme coin Doge witnessed a price spike following the media reports suggesting that billionaire Elon Musk’s brazen overhaul of Twitter – now called X – could broaden use case of the token.
Among other major altcoins, XRP was recently up 0.7%, while SOL, the native crypto of the Solana smart contracts platform, sank more than 1%.
The global crypto market cap, added 0.15% to $1.17 tn, over the last 24-hours. On the other hand, the total crypto market volume eased 27.38% to $25.7 bn. The total volume in DeFi is currently $2.28 bn and all stablecoins $23.15 bn, representing 8.86% and 90.10% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.08% to 48.31%.
IC15 index, the barometer of top fifteen tokens, edged up 0.12% to 38,667.
Elsewhere, venture capital heavyweight Andreessen Horowitz (a16z) is selling a part of its investment in crypto lender MakerDAO’s MKR governance tokens as the price of coins soared to a near one-year high, blockchain data shows.
Some $7 million of MKR were transferred from a16z’s crypto wallet to a freshly created address late Thursday, according to Ethereum blockchain monitoring website Etherscan.
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