Bitcoin (BTC) fell by 1.32 per cent to $19,003, while Ethereum (ETH) was down by 1 per cent to $1,338 on Wednesday evening.
Cryptocurrency prices fell in the last 24 hours, including Bitcoin (BTC) and Ethereum (ETH). The global crypto market capitalisation fell by 0.86 per cent to $923.8 billion, and the total crypto market volume decreased by 5.2 per cent to $66.3 billion in the last 24 hours, as of 4:05 pm IST, according to Coinmarketcap.com.
Crypto company CoinDCX said that “As the FED reconvenes on September 21, 2022, for the next FOMC meeting, markets are anticipating a 75bps-100bps to tame the most pressing national issue, i.e., raging inflation before the November midterm elections.”
“With the end of year federal rates fund target predicted to exceed 4%, the consensus is that a 75 bps rate hike would be neutral for markets. A 100 bps hike, which is the second-most likely scenario, would wreak havoc on equities and by extension cryptos owing to their high correlation and increased hawkish sentiment during times of uncertainty,” the CoinDCX Research Team said.
“Strategic prolonged quantitative tightening from the Fed to tame inflation has led to the DXY (US Dollar Index) gaining strength as investors flock to safe haven assets, such as the dollar, as evidenced by the inversion of the yield curve; usually a leading indicator of a recession,” it added.
Today’s top gainer was XRP, and it was trading at $0.403. It increased by 6.5 per cent in the last 24 hours. The top loser was Chiliz, which was trading at $0.2265, with a 6.7 per cent decrease in the last 24 hours.
Major Currencies
Bitcoin (BTC): BTC fell by 1.32 per cent, and it was trading at $19,003. Its market cap decreased by 1.31 per cent to $364.03 billion, and its trading volume decreased by 5.7 per cent to $34.03 billion. BTC’s dominance over the crypto market fell by 0.20 per cent to 39.38 per cent.
Ethereum (ETH): ETH fell by 1 per cent to $1,338, and its market cap decreased by 0.99 per cent to $163.8 billion. Its trading volume decreased by 12.1 per cent to $13.8 billion.
Other Altcoins
Ripple (XRP): XRP’s price rose by 6.6 per cent to trade at $0.4032, while its market cap increased by 6.6 per cent to $20.1 billion, and the trading volume increased by 61.5 per cent to $4.07 billion.
Solana (SOL): SOL’s price fell by 1.4 per cent to $31.6. Its market cap decreased by 1.4 per cent to $11.2 billion, and its trading volume decreased by 17 per cent to $724.3 million.
Cardano (ADA): ADA’s price increased by 1.1 per cent to $0.4498. Its market cap increased by 1.1 per cent to $15.3 billion, and its trading volume increased by 36.8 per cent to $795.5 million.
Meme Coins
Dogecoin (DOGE): DOGE’s price increased by 0.80 per cent to $0.0587, its market cap rose by 0.80 per cent to $7.7 billion, and its trading volume increased by 37.2 per cent to $316.1 million.
Shiba Inu (SHIB): SHIB’s price decreased by 2.6 per cent to trade at $0.00001054. Its market cap decreased by 2.6 per cent to $5.7 billion, and its trading volume decreased by 6.5 per cent to $232.4 million.