Bitcoin fell 0.37 percent to $29,200 on Friday, as the entire crypto price chart indicated what looked to be about equal proportions of profits and losses for many cryptocurrencies. Bitcoin’s value has been erratic in recent days. While the market has been swinging sideways for days, factors such as the US government hiking interest rates once more have influenced the market movement of the world’s most extensively used cryptocurrency. BTC’s value has dropped by $165 in the last 24 hours.
On Friday, ether recorded a loss of 0.40 percent. ETH, the second-most valuable cryptocurrency behind Bitcoin, is currently trading at $1,860 (approximately Rs. 1.53 lakh), according to Gadgets 360’s crypto price tracker.
“This dip follows news about the Bank of Japan’s consideration of changes to its yield curve control policy to manage real-time interest rates. Over the past 24 hours, BTC remained relatively unstirred by the interest rate hikes from both the US central bank and the European Central Bank. However, if BTC fails to surpass the $29,300 resistance level, there could be further downward movement,” Edul Patel, CEO of Mudrex crypto investment firm told Gadgets 360.
Cosmos, Monero, and Elrond all had price drops in the last 24 hours, while the overall value of the crypto market fell by 0.61 percent. According to CoinMarketCap, its capitalization was $1.18 trillion at the time of writing.
The fear and greed index, which increased by one point from yesterday, remains in the neutral zone, with a score of 52/100. “In the last 24 hours, the cryptocurrency market has traded in a narrow range.” Concerns about extended high rates have been raised by the Federal Reserve’s interest rate boost, which was followed by higher-than-expected US GDP. This may have an impact on market price behavior in the future, as investors may begin to shift toward ‘risk-off’ asset classes,” said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Stablecoins, on the other hand, were profitable on Friday. Tether, USD Coin, and Binance USD were among them. Binance Coin, Cardano, Solana, Tron, Stellar, and Chainlink all saw minor rises.
In other news, the Financial Innovation Technology for the Twenty-First Century Act, which would establish a federal regulatory framework for cryptocurrency in the United States, has been advanced by the US House Agriculture Committee. The bill proposes to delegate the main regulatory power over cryptocurrency exchanges and other trading platforms to the Commodity Futures Trading Commission (CFTC). It will now be voted on by the full House of Representatives after being approved by voice vote.