When it comes to cryptocurrencies, Bitcoin price today continued to fall after breaking a rare 14-day winning streak as a cautious mindset replaced the risk-taking that fueled the rise of several assets at the beginning of the year. At $20,759, the value of the biggest cryptocurrency in the world was down almost 3%. According to data from CoinGecko, the global crypto market valuation today was down nearly 4% in the previous 24 hours to $1 trillion.
“As the market reacted to the American crackdown on the Bitzlato exchange, most cryptocurrencies experienced a fall. Bitcoin momentarily broke through its resistance at $21,480 but was unable to hold the gains, possibly luring short-term traders to take profits. If it can surpass $21,400, it might draw buyers and raise the price even further. Ethereum was able to overcome the $1,600 barrier but was unable to close above it. According to Edul Patel, CEO & Co-Founder of Mudrex, “Its current immediate support is around $1,490, while its current resistance is at $1,550.
According to Bloomberg, although Bitcoin’s 14-day relative strength index has decreased from above 90, it is still higher than 70, the level that is considered to be overbought. That suggests that Bitcoin’s projected 2023 growth would stall, according to some strategists.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, also fell more than 4% to $1,526. Shiba Inu’s price fell more than 11% to $0.000011 while Dogecoin’s price was over 6% lower at $0.08.
The performance of other cryptocurrencies today also declined as prices for Tether, Stellar, XRP, Polkadot, Chainlink, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, and Uniswap had fallen over the previous 24 hours.
A measure of the top 100 tokens and Bitcoin have both increased by more than 20% this year, reversing at least a portion of the decline in digital assets from the previous year. The belief that crippling interest rate increases are ending as inflation declines has contributed significantly to this. Since their peak in November 2021, cryptocurrencies have lost roughly $2 trillion. The effects of the demise of the FTX exchange are still being felt by the cryptocurrency industry.

Leave a Reply

Your email address will not be published. Required fields are marked *