BTC Pare Gains; Fed’s Remark Tame Risk Appetite
By Laxmikant Khanvilkar
Cryptocurrencies step back a day after Federal Reserve Chairman Jerome Powell offered less hawkish remark alongside the U.S. central bank’s modest rate hike decision.
Activity picked up in several tokens from the decentralized finance (DeFi) while smart contract platform sectors assuming the deepest hues.
Ethereum (ETH), the second-largest cryptocurrency in market value, was recently trading over $1,650.
Bitcoin (BTC) was recently trading above $23,560. BTC had been changing hands in a narrow range between $23,700 and $24,200 since the Fed announcement before dipping late Thursday.
The global crypto market capitalization is currently at $1.08 tn, a 1.19% decrease from the previous day. In the last 24 hours, the crypto market volume totaled $64.88 bn, a 13.24% increase. DeFi’s total volume of $6.03 bn makes up 9.29% of the total crypto market 24-hour volume. Meanwhile, the volume of all stablecoins is $58.95 bn, which is 90.86% of the total crypto market 24-hour volume. Bitcoin’s dominance is 42.12%, representing a 0.18% decrease over the day.
Uniswap’s UNI token and Avalanche’s AVAX token were recently up about 4.5% and 3.4%.
Crypto markets’ performance correlated with traditional markets’ post-rate announcement rally. The tech-heavy Nasdaq Nasdaq Composite and S&P 500 closed up 3.2% and 1.4%, respectively, a day after Powell said “[the] disinflationary process” had “started.”
Analysts suggest the digital assets may have found bottom of the current cycle and are set to chart recovery phase soon.
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