Ethereum was trading lower, losing about a percent but managing to keep $1,850-level while Bitcoin continued to bleed, down more than 2% to barely hold the 29,000-mark.

On Tuesday, as Worldcoin, which is currently outlawed in the US, caught the attention of digital token traders, Bitcoin and other crypto tokens resumed their downward trend. However, the monetary policy meeting of the US Federal Reserve will be watched by traders.

Tuesday saw additional losses for Bitcoin as the biggest cryptocurrency token fell more than 2% to cling near the 29,000 mark. Though trading lower and down approximately 1%, Ethereum, its biggest peer, was able to maintain the $1,850 mark. Early in the day, the price of the active altcoins was declining.

In the past 24 hours, there has been some selling pressure on the entire crypto market. After experiencing a loss of 5 points, the cryptocurrency fear and greed index has again returned to the middle of the spectrum.

Within a few minutes of Twitter CEO Elon Musk switching the Twitter logo to X.com, Dogecoin saw a favourable price movement, leading traders to believe that DOGE would be used on the new X app.

All other major cryptocurrency tokens were trading lower on Tuesday, with the exception of Dogecoin and stablecoins tethered to the US dollar. Each of XRP and Bitcoin Cash experienced a 5% decline, while Solana experienced a 4% decline. Cardano, Toncoin, and Litecoin all fell by 3%. Dogecoin grew the most of the gainers, 8% apiece.

The market capitalization of all cryptocurrencies was much lower, trading at $1.17 trillion after losing 2% in the previous day. The entire trade volume did, however, increase by roughly 42% to $34.47 billion.

Investors are anticipating this week’s Federal Open Market Committee (FOMC) meeting, which has caused bitcoin volatility to decline to its lowest point in a year. This week, the FOMC is projected to increase interest rates by 25 basis points, with the possibility that this will be the last rate increase by the Federal Reserve for some time.

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