Crypto Price Today: M-cap declines below $1 trillion as bitcoin descends below $21,800

The Federal Reserve Chair Jerome Powell’s hawkish remarks on Thursday’s cryptocurrency market trading raised the prospect of additional significant rate increases to combat inflation. While BNB, XRP, and Shiba Inu were trading with advances, Bitcoin, Solana, and Polygon were trading with cuts.

The market capitalization of all cryptocurrencies was selling lower at around $996.91 billion, dropping 0.93% over the previous 24 hours.

“The US central bank sent strong signals about tackling inflation through strict monetary policies and rate increases, which caused the market cap of cryptocurrencies to fall below the $1 trillion threshold. In the upcoming weeks, hawkish monetary policies could reduce market liquidity, which could lead to further price declines.”

Ethereum (ETH) was trading below $1,550, while Bitcoin (BTC) dropped 1.24% to $21,751. The 24-hour volume of Bitcoin was roughly $21.68 billion, a 10.01% decline over the previous period.

At the moment, DeFi has a total volume of 3.68 billion, or 8.50% of the 24-hour volume of the entire crypto market. Stablecoin traffic as a whole is currently $39.04 billion, or 90.12% of the 24-hour volume of the entire crypto market.

The biggest cryptocurrency in the world by market cap, Bitcoin, was valued at about $420 billion. According to CoinMarketCap, the dominance of Bitcoin is presently 42.12%, down 0.04% from the previous day.

“Over the past 24 hours, Bitcoin has fallen below the US$22,000 mark as investors have continued to respond to comments made by US Fed Chair Jerome Powell regarding interest rate increases. Due to doubts, it appears to be challenging for bulls to raise the price above the breakdown of US$22,800. This indicates that there hasn’t been any aggressive buying at these prices, which could push the price down to the key support level of US$21,480.”

Bitcoin $21,751 -1.24%

Ethereum $1,539 -0.91%

Tether $1 -0.01%

BNB $289.79 1.23%

XRP $0.3892 3.92%

Dogecoin $0.07202 -1.33%

Cardano $0.3192 -1.25%

Polygon $1.06 -6.03%

Polkadot $5.64 -0.82%

Tron $0.06584 -0.54%

Litecoin $83.11 -2.22%

Shiba Inu $0.00001112 2.82%

Solana $18.58 -5.54%