In cryptocurrencies, the price of the world’s largest and most popular digital token Bitcoin was trading almost flat with a negative bias today at $20,533 as the crypto market traded sideways after the Federal Reserve decided to raise the interest rate. After hitting an all-time high of nearly $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.
On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also fell almost one percent to $1,542. Meanwhile, Dogecoin price was trading more than 10% lower today at $0.11, while Shiba Inu was also around 4% lower at $0.000011.
The performance of other crypto prices today was mixed as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap prices traded with gains over the past 24 hours while ApeCoin , Polygon (up 14%), Polkadot, Chainlink , Cardano, Stellar gained.
The global crypto market capitalization remained above the $1 trillion mark today, although it was nearly flat for the past 24 hours at $1.05 trillion, according to CoinGecko.
The market value of cryptocurrencies in circulation has more than halved this year as the Federal Reserve raised interest rates, fending off the flood of pandemic-era stimulus that fueled a sharp rise in the price. risky assets. Investor interest in token speculation has waned since prices have fallen sharply from their peak.
Bitcoin has traded almost at par with risky assets over the past two years as pandemic-era stimulus flooded the global economy and then central banks like the Federal Reserve hiked rates to combat rising inflation.
Coinbase Global Inc., the largest cryptocurrency exchange, does not expect the industry to rebound quickly from the trading slump that hurt its revenue. “We are preparing for 2023 with a more conservative bias with more headwinds,” Coinbase CFO Alesia Haas said in an interview with Bloomberg. “We are preparing and making plans that we will be more conservative next year. These headwinds could persist or possibly intensify.”
(With agency contributions)
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