After topping the $17,000 mark, Bitcoin again slipped below this key psychological level. All other top crypto tokens were trading lower. Dogecoin plunged the most, down 6%, followed by a 4% drop in Solana and XRP each. BNB also tumbled by 3%.
The global cryptocurrency market cap was trading mildly lower around $851 billion, slipping more than a per cent in the last 24 hours. The total trading volume tanked over 12% to $42.66 billion.
Expert take
Bitcoin traded sideways in the past 24 hours as the market reacted to the Fed’s policies, said Edul Patel, CEO and Co-founder, Mudrex. However, it is still trading below its annual minimum peak of$17,500 in June.
“If bulls can make a move above the $17,500 holding on to it, we could see Bitcoin at the $18,000 level soon,” he added. “On the other hand, Ethereum was seen changing hands above the $1,270 level.”
This week was relatively quiet in crypto markets, with prices remaining range-bound, even though the contagion effect of the FTX debacle continues to lurk as a major unknown, said Chaturvedi, Crypto Ecosystem Lead, CoinSwitch
“The continued expectations of the Fed slowing down on its hiking cycle provided much-needed relief to ‘risk-on’ asset prices, with equity markets remaining buoyant. Closer home, Indian indices are now trading at record highs,” he said.
Global Updates
- FTX founder Sam Bankman-Fried said there was a borrowing-lending facility at the crypto exchange but he did not know of deposits being used to pay its affiliated trading firm Alameda Research, he told ABC News in an interview.
- As the UU Commodity Futures Trading Commission awaits legislation to establish its place in crypto oversight, Commissioner Kristin Johnson says the agency should start using its existing powers to strengthen requirements.
- Non-fungible token (NFT) marketplace Magic Eden has updated its position on creator royalties, saying that it is launching a protocol that will enforce royalties on all new collections that opt-in to using the tool.
- US Deputy Treasury Secretary Wally Adeyemo said Thursday the implosion of Bahamas-based FTX showed the need for the US to work with other countries to create international crypto regulations, Reuters reported.
- The crypto industry is ‘a complete disaster’ at the moment, said John Bewicke-Copley, a member of the House of Lords, at an All-Party Parliamentary Group (APPG) meeting.
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