The crypto price chart mostly reflected losses on Thursday, February 1. Bitcoin saw a loss of 2.28 percent, pushing its price below its recently re-claimed price point of $42,400 (roughly Rs. 35 lakh). At the time of writing, BTC was trading at $42,020 (roughly Rs. 34.8 lakh). Commenting on the situation, the CoinDCX team told Gadgets360 that over the past 24 hours, the crypto market experienced a shift from positive to slightly bearish conditions, triggered by the Federal Reserve’s decision to maintain unchanged interest rates.
Ether followed suit and tailed behind Bitcoin. Registering a loss of 3.78 percent, Ether value currently stands at $2,258 (roughly Rs. 1.87 lakh).
“BTC, positioned within its range, is currently situated in the middle, with the rising dominance of BTC causing declines in most of the altcoins. ETH reflects a parallel situation, trading within its established range. Additionally, the market sentiment is influenced by the regular movement of funds through ETFs, contributing to the overall market dynamics,” said the CoinDCX report.
Most cryptocurrencies showed losses on Thursday. These include Cardano, Avalanche, Dogecoin, Polkadot, Chainlink, and Polygon.
Other cryptocurrencies that showed price dips include Binance Coin, Solana, Ripple, Tether, USD Coin, and Leo.
“The Fed’s decision to maintain interest rates dealt a blow to predictions of cuts, impacting Bitcoin’s value. The next catalyst could be an increased demand with less supply due to BTC ETF access which could cause a price surge. Technical indicators for Bitcoin present a mixed picture. Moving averages signal a ‘buy’, while the Ichimoku Base Line remains neutral,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The overall crypto market valuation dropped notably by 8.35 percent in the last 24 hours. The overall crypto market cap stands at $1.51 trillion (roughly Rs. 1,25,30,410 crore), as per CoinMarketCap.
Tron, Monero, Iota, Braintrust, and Dogefi meanwhile, managed to reflect small gains.
“Another big news came for the bankrupt exchange FTX where in a court hearing FTX’s lawyer said that they expect FTX customers to be paid in full, which largely means if a customer held 1 BTC when its price was around $16,000 (roughly Rs 13.2 lakh), they will get the full $16,000 back and not 1 BTC. However, they feel it’s unlikely the exchange will restart operations. This news came in as crypto lender Celsius has emerged from its bankruptcy and will start distributing over 3 billion dollars of assets to its creditors,” CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
