Bitcoin’s price fell and other cryptocurrencies were down on Friday. This came after the US Federal Reserve hinted about a possible strategy by the US Central Bank to control inflation which has hit a four-decade high.
However, even after the drop, Bitcoin’s price was up over $40,000 and Ethereum was trading over the $3,000-mark.
BITCOIN PRICE TODAY
Bitcoin’s price fell by 1.99 per cent to $40,717.94. Ethereum was down by 2.07 per cent at $3,013.
“Bitcoin, Ethereum and most cryptocurrencies fell on Thursday after the Federal Reserve’s comments on raising the benchmark U.S interest rate. The strict monetary policy has been hitting speculative assets such as stocks and cryptocurrencies harder this year, but indicators remain bullish for the short term,” Edul Patel, CEO and Co-founder of Mudrex, said.
BTC and ETH are currently trading at US$40,000 and US$3,000 levels. BTC’s support lies at US$37,000 while the resistance stands at US$46,000,” Patel said.
CRYPTOCURRENCY PRICES TODAY
XRP was down by 1.43 per cent, Terra was up by 0.62 per cent, Solana lost 2.72 per cent, Avalanche fell 1.81 per cent, Cardano was down by 2.54 per cent, Polkadot was down by 3.69 per cent.
Stellar was down by 1.68 per cent, Dogecoin fell 1.63 per cent, TerraUSD was down by 0.02 per cent, Shiba Inu fell by 1 per cent.
“Decred is up by nearly 14% outperforming the market. There is no clear catalyst behind the DCR’s rally with the broader market being down. TRON has also gained almost 8% after Justin Sun announced the launch of their TRON-native stablecoin yesterday,” Patel said.
ALSO READ | Sensex tanks 500 points | Why share market is down today
This news is republished from another source. You can check the original article here
Be the first to comment