Bitcoin Hovers Near $24k, Ether Trades Above $1600
By Laxmikant Khanvilkar
Marginally hawkish tone in the minutes of the the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting earlier this month, along with the recent spate of economic data continued to weigh on investor sentiment, causing retreat in cryptocurrencies and traditional financial markets at the same time.
Bitcoin managed trade not too far from $24,000 level.
The largest cryptocurrency by market capitalization was trading a percent lower at 23,932 during the last 24 hours.
Crypto markets have been struggling to gain traction amid macroeconomic uncertainty and brewing geopolitical concerns.
Ether (ETH), the second-largest cryptocurrency, was up 0.5% to recently trade at $1,650.
The global crypto market cap has decreased by 0.54% in the last day, bringing it to a total of $1.09 tn. Over the same period, the total crypto market volume has dropped 6.68% to $59.12 bn. DeFi has made up 11.24% of this, with a volume of $6.64 bn, while stablecoins make up the majority of the total at 90.49% ($53.50 bn). Bitcoin’s dominance has decreased 0.17% to 42.26%.
Experts believe that the central bank’s continuing with monetary tightening could dampen the crypto market’s performance. However, Asian central banks, including Japan and China, have been injecting liquidity into their respective markets, suggesting the recent rally “still has legs.”
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