Bitcoin, Ether Stay Strong Despite Great Economic Pressure

Bitcoin price fell on Thursday as the fallout from the Federal Reserve’s interest rate hike faded with bulls successfully defending support at $20,000 (approx. Rs. 16.55 lakh) while bears tightened resistance at $20,550 (approx. Rs. 17 lakh). As things stand, the price of Bitcoin increased by 0.98 percent in the last 24 hours and now stands at $20,400 (roughly Rs. 16.88 lakh) mark on global exchanges while Indian exchanges like CoinDCX price BTC at $21,295 (roughly Rs. 17.62) lakh), which is 0.44 percent below what the crypto asset was named on Thursday morning.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,564 (roughly Rs. 17.01 lakh) while CoinGecko day shows that the price of BTC is now sitting 1.5 percent higher than where it stood last Friday.

Ether, the largest token for smart contracts, did not have a good week compared to the last one but managed to hold its range last week. Ether is currently up about 1.49 percent in the last 24 hours in global trading. Meanwhile on Indian exchanges, ETH is trading at $1,631 (roughly Rs. 1.35 lakh) with rates down slightly by over 1.61 percent in the previous day.

Gadgets 360’s cryptocurrency price tracker revealed that most major altcoins had a mixed day of trading over the past 24 hours although Bitcoin and Ether managed to hold on. That being said, the crypto-capitalization numbers of the global market show a continuous increase of 1.54 percent on Thursday and Friday.

Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot recorded increases in their values, while Solana, Uniswap, TRON, Avalanche, and Monero experienced losses on that day.

In the meme currency sector, Dogecoin fell further after a strong showing earlier in the week. Dogecoin is currently valued at $0.12 (approx. Rs. 9.97) after dropping over 9.2 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000013 (approx. Rs. 0.001037 ), increased by 2.45 percent in the previous day.

“Several major announcements shaped market activity during the past week. The Federal Reserves’ 75bps rate hike was initially met with market euphoria as it was in line with expectations, but this view changed dramatically when Chairman Powell’s press conference began. He mentions the need. to restructure the A higher Terminal Rate sent ‘Risk On’ assets lower, while the S&P 500 fell by 2.5 percent. Surprisingly, crypto markets remained strong and in fact, ended the week in the green,” explained Parth Chaturvedi. Crypto Ecosystem Lead, CoinSwitch, in analysis shared with Gadgets 360.

“Total crypto market capitalization remained above $1 trillion (approx. Rs. 82,74,808 crore), while BTC and ETH traded above $20,000 (approx. Rs. 16.55 lakh) and -$1,500 (approx. Rs. 1.24 lakh) levels. It was outperforming BTC in full returns, but the downside move was also exaggerated compared to BTC,” Chaturvedi said.

“Another big announcement from last week is the purchase of Twitter by Elon Musk and his immediate restructuring plans, which could have a big role for crypto assets. DOGE, a meme coin that counts Musk as an active promoter, has already started pumping with speculation of Twitter’s future. integration and ended the week almost doubling the price. DOGE’s market capitalization has crossed $17.5 billion (approx. Rs. 1,44,809 crore) and displaced Cardano’s ADA from the rankings. Later in the week, the return of the developer star Andre Cronje in Fantom, sent the FTM Token up 25 percent on the day.”