Bitcoin and other major crypto tokens fell on Thursday after the release of the June Federal Reserve minutes, suggesting further tightening would be in the offing if the central bank feels the need. Investors took some profit off the table even as sentiment held strong.
Bitcoin continued to weaken further on Thursday. The largest crypto token fell another percent to fall below the $30,500 mark. Its largest pair, Ethereum, also lost around one percent but managed to hold the $1,900 level. However, the price action in other altcoins was mostly to the downside.
Following the release of the Federal Open Market Committee (FOMC) minutes, Bitcoin experienced a decline. However, it held steady above $30,400 following bullish comments made by BlackRock CEO on Bitcoin, said Edul Patel, co-founder and CEO of Mudrex.
โAlthough Bitcoin briefly rallied above $31,000 earlier this week, it has been consolidating above $30,000 as bullish momentum weakened. However, Bitcoin remains very close to the $31,000 level. dollars, which serves as a significant resistance point to monitor in the near term." he said.
With few exceptions, all other major crypto tokens were trading lower on Thursday. Polygon is down around 5 percent, while Polkadot, Cardano, XRP, and Dogecoin are down 3 percent each. Litecoin is down 2 percent. Among the gainers, Solana was up around one percent, while Bitcoin Cash and Tron were also seen in the green.
The global cryptocurrency market capitalization was trading lower, dipping below the $1.2 trillion mark, as it declined more than one percent in the past 24 hours. However, total trade volumes were up about 11 percent to $32.08 billion.
There has been a slight selling pressure on the crypto market in the last 24 hours. The crypto fear and greed index is down 5 points, but remains in the greed zone with a score of 56/100. BTC saw a bit of a dip as its dominance has risen slightly in the process and currently sits at around 51.36%, said Shubham Hudda, a senior manager at the CoinSwitch Markets Desk.
"Simultaneously, Polygon saw another day of positive news yesterday. The company and Jump.trade, an NFT marketplace, announced that they will work together with Flipkart to onboard more than 1.1 million web wallets3 and provide their users with exclusive features such as loyalty to the brand. programs, limited edition NFT drops," he said.
WazirX Trade Desk Tech View
Filecoin (FIL) is a decentralized storage platform designed with the aim of preserving and safeguarding crucial information that is important to humanity. The Filecoin network achieves remarkable economies of scale through its inclusion, allowing people from all over the world to participate as storage providers.
The FIL/USDT price has been closing mostly in the green for the past 3-4 weeks. On the weekly time frame, the trend has broken above the descending triangle pattern. The weekly RSI has broken out of the oversold zone. The next resistance is expected at $5.1 and the next support is expected at the $3 level.
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