As the effects of the Federal Reserve interest rate hike abated, the value of bitcoin continued to decline on Thursday. Bulls successfully protected support at $20,000 (approximately Rs. 16.55 lakh), while bears strengthened resistance at $20,550. (roughly Rs. 17 lakh). Currently, Bitcoin's value has increased by 0.98 percent over the past day, hovering around the $20,400 (roughly Rs. 16.88 lakh) mark on international exchanges, while it is currently valued at $21,295 (roughly Rs. 17.62 lakh) on Indian exchanges like CoinDCX, which is 0.44 percent less than its value on Thursday morning.
The price of Bitcoin is currently $20,564 (about Rs. 17.01 lakh) on major international exchanges including CoinMarketCap, Coinbase, and Binance, and according to CoinGecko data, it is currently 1.5 percent higher than it was last Friday.
The largest smart contract token, Ether, hasn't had a spectacular week compared to the last one, but it has been able to maintain its range. Around 1.49 percent has been added to the price of ether in the last 24 hours on international markets. On Indian markets, ETH is currently valued at $1,631 (approximately Rs. 1.35 lakh), a decrease in value of at least 1.61 percent over the previous day.
Users of Instagram will soon have access to buying and selling Polygon-powered While Bitcoin and Ether were able to maintain their prices over the past 24 hours, the majority of the major altcoins had a mixed day of trading. This is according to NFTs Gadgets 360's cryptocurrency price tracker. Despite this, the figures for the market capitalization of all cryptocurrencies globally show a consistent increase of 1.54% between Thursday and Friday.
While Solana, Uniswap, TRON, Avalanche, and Monero suffered losses on the day, Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot saw their values rise.
After a strong showing earlier in the week, Dogecoin's performance in the meme coins category declined even more. Shiba Inu is currently worth $0.000013 (about Rs. 0.001037), up 2.45 percent over the past day, while Dogecoin is currently around $0.12 (roughly Rs. 9.97), down more than 9.2 percent in value over the past 24 hours.
Details of the $28 million cryptocurrency derivatives exchange hack at Deribit
"Recent market activity was shaped by a few significant announcements. The market originally welcomed the Federal Reserve's 75 basis point rate increase because it was in line with expectations, but this picture quickly shifted after Chairman Powell's press conference got underway. The S&P 500 fell 2.5 percent as a result of the requirement to recalibrate for a higher Terminal Rate, which was indicated by the speaker. Surprisingly, cryptocurrency markets remained resilient and concluded the week in the black "Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, reveals in a study made available to Gadgets 360.
"With BTC and ETH trading higher at around $20,000 (approximately Rs. 16.55 lakh) and $1,500 (about Rs. 1.24 lakh) respectively, the total market capitalization of the cryptocurrency industry remained far above $1 trillion (roughly Rs. 82,74,808 crore). Although ETH has been outpacing BTC in terms of absolute gains, the downside movement has also been disproportionately large when compared to BTC "Chaturvedi says.
"Elon Musk's acquisition of Twitter and his fast developing reorganization plans, which could play a significant role for crypto assets, were another significant announcement from last week. Musk is a fervent supporter of the meme coin DOGE, which began to rise in value due to rumors of potential Twitter integrations and nearly doubled in value by the end of the week. Cardano's ADA has been replaced by DOGE's market capitalization, which has surpassed $17.5 billion (approximately Rs. 1,44,809 crore). Later in the week, the return of renowned developer Andre Cronje to Fantom caused the FTM token to soar by 25% in a single day."
