While the United States is strengthening its policy against cryptocurrenciesthe market collapses and recorded a decrease of 1.2 percentaccording to data from Coingecko. Although they showed resistance yesterday, Bitcoin (BTC) and Ethereum (ETH) Right now they are painted red and discourage trade.
Assets took a serious hit last Tuesday, after the US Federal Reserve’s intentions were announced (EDF) from raise interest rates in order to bring inflation to the target of 2%. In this sense, the officials supported the increase 25 basis points and a few assured that it could increase by up to 50 basis points.
This represents a stumbling block for decentralized finance, as investors would see low-risk assets and fixed income as more attractive. In addition to this news, North American regulators also they targeted well-known exchanges as Paxos Trust Companywhich had to pay a million dollar fine and stop issuing its star currency: BUSD.
On the scale cryptocurrencies most traded in the market, Bitcoin (BTC) is in first place. Nevertheless, the token he could not maintain his base price of $24,000 and its price has sunk by 0.6% since yesterday.
However, currency accumulate a 0.5% increase in the last 7 days and increased by 74% from its lowest point in the past month. “Its support level is at $23,800, while resistance is at $24,200,” said Edul Patel, CEO and co-founder of Mudrex.
In line with the good news, its market cap (which happens to be the largest of all tokens) also recorded a slight increase; in this case 0.33% acc coinmarketcap.
Yesterday, Ethereum (ETH) it stood firm, resistant to the blows of American regulators. While its price rose, bitcoin sank. Nevertheless, this magnificent panorama it didn’t take long.
Currently, the second most relevant currency on the market is located in $1,647.48, which means a drop of 0.2% in the last 24 hours. In any case, the token accumulates an increase of 0.1% in the week.
Among the major altcoins (alternative tokens to Bitcoin) BNBplatform cryptocurrency Binancelisted at $310.40, Cardano (ADA), is located at u$s 0.383919 and Solarium (SOL) at $23.79.
Besides price, there are other indicators that investors use to test market behavior. Among them, the “Fear & Greed Index” stands out, which today reveals a neutral feeling in the crypto ecosystem. This means that the exchange markets move calmly and neither fear nor hunger for risk prevails.
Source: Cronista
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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