Bitcoin (BTC), the world's oldest and most valued cryptocurrency, managed to briefly surpass the $43,000 mark before falling back below it early Thursday morning. The US Federal Reserve's call to maintain interest rates appears to have brought a sense of stability to prices. Other major coins, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), suffered smaller losses across the board. The SATS token (1000SATS) turned out to be the biggest winner of the lot, jumping more than 5 percent in 24 hours. Jupiter (JUP), on the other hand, became the biggest loser, falling more than 60 percent in 24 hours.
The global crypto market capitalization stood at $1.51 trillion at the time of writing, recording a drop of 8.43 percent in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at $42,051.28, registering a drop of 2.05 percent in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 37.14 lakh.
Ethereum (ETH) price today
The price of ETH stood at $2,255.67, down 3.65 percent in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 2.01 lakh.
Dogecoin (DOGE) price today
DOGE recorded a 1.82 percent drop in 24 hours, according to data from CoinMarketCap, currently priced at $0.07864. According to WazirX, the Dogecoin price in India stood at Rs 6.94.
Litecoin (LTC) price today
Litecoin saw a drop of 2.01 percent in 24 hours. At the time of writing, it was trading at $66.47. LTC price in India stood at Rs 5,828.
Ripple Price (XRP) Today
The price of XRP stood at $0.4974, with a loss of 2.59 percent in 24 hours. According to WazirX, the price of Ripple stood at Rs 44.10.
Solana (SOL) price today
The price of Solana stood at $93.90, representing a drop of 7.24 percent in 24 hours. According to WazirX, SOL price in India stood at Rs 8,800.09.
Top Crypto Gainers Today (February 1)
According to data from CoinMarketCap, these are the top five cryptocurrency gainers in the last 24 hours:
RATE (1000 RATE)
Price: $0.0005251
24 hour gain: 5.56 percent
Monero (XMR)
Price: $167.14
24 hour gain: 4.44 percent
ORDI (ORDI)
Price: $61.65
24 hour gain: 1.89 percent
Chiliz (CHZ)
Price: $0.1017
24 hour gain: 1.52 percent
Ronin (RON)
Price: $2.76
24 hour gain: 1.45 percent
Top Crypto Losers Today (February 1)
According to data from CoinMarketCap, these are the top five cryptocurrency losers in the last 24 hours:
Jupiter (JUP)
Price: $0.6343
Loss of 24 hours: 60.33 percent
six six)
Price: $0.6222
Loss of 24 hours: 12.87 percent
Red Manta (MANTA)
Price: $2.95
Loss of 24 hours: 12.26 percent
Celestia (TIA)
Price: $15.88
Loss of 24 hours: 8.83 percent
United Nations (UN)
Price: $47.48
Loss of 24 hours: 8.77 percent
What Crypto Exchanges Say About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: โBitcoin experienced a drop below the $43,000 threshold following the US Federal Reserve's decision to hold interest rates on hold, driven by investors' expectations of a possible rate cut in March. Despite a brief surge, Bitcoin failed to maintain the momentum. Despite the bears' attempts to push the price down, the bulls defended the territory above $42,000. Ethereum is trading in line with Bitcoin, and there is a chance that it will range between $2,100 and $2,400 in the near future.โ
CoinSwitch Markets Desk noted: โBitcoin is heading for a third consecutive red day, trading near the $42,000 mark even as the US Federal Reserve kept interest rates unchanged, exactly in line with market expectations. However, after yesterday's comments from Fed Chair Jerome Powell, several big analysts such as Goldman Sachs are now predicting that the Fed will begin cutting rates from May of this year instead of March, which could be one of the main reasons why the bears have taken some control on shorter time frames. . However, on broader time frames, the BTC structure remains bullish and the current trendline supports remain at $39.3K.โ
Rajagopal Menon, vice president of WazirX, said: โThe Federal Reserve's decision to hold interest rates on hold thwarted expectations of cuts, affecting the valuation of Bitcoin, which could now encounter resistance at $40,000. The next hurdle for Bitcoin lies at $40,000 before a possible easing of selling pressure. An increase in demand, driven by reduced supply through access to BTC ETFs, could be the next catalyst. Currently, Bitcoin has recorded a drop of 2.25% in the last 24 hours, settling at $41,998.72, with a gain of 4.79% over the past week. Ethereum is trading at $2,257.09, reflecting a 3.59% drop over 24 hours but a 1.06% increase over the week. Bitcoin technical indicators present a mixed outlook. The moving averages signal a "buy", while the Ichimoku baseline remains neutral. The RSI at 49 suggests a neutral stance, with the %K Stochastic at 75 and the ADX at 16 reflecting neutrality. The MACD at -173 indicates a โbuyโ, while the Stochastic RSI and William Percentage suggest a neutral outlook.โ
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: โBitcoinโs recent drop below $43,000 came following a hawkish stance from Federal Reserve Chairman Jerome Powell, suggesting that a rate cut is unlikely. types in March. This stance prompted a market reassessment, reducing the likelihood of an imminent rate cut. However, the broader economic environment favors Bitcoin in 2024 with expectations of a possible rate cut from the Fed, which traditionally boosts cryptocurrencies. Amid short-term fluctuations, investor confidence persists, supported by several optimistic factors. The emergence of spot bitcoin ETFs, along with massive demand for new offerings from BlackRock and Fidelity, is easing selling pressures. Furthermore, expectations surrounding the Bitcoin halving in April and possible supportive political and fiscal dynamics from the United States add to the bullish outlook. โDespite near-term uncertainty, Bitcoinโs price trajectory is primed for a potential rally to $50,000, countering the prospect of a drop to $30,000 in the foreseeable future.โ
Shivam Thakral, CEO of BuyUcoin, noted: "The cryptocurrency market saw a fresh decline due to unchanged interest rates by the Federal Reserve. The bullish momentum marked by declining Grayscale sales and the Increased BTC ETF offerings eventually led to a downtrend caused by unchanged interest levels representing 2023 highs. The Altcoin market also suffered a slowdown that could change unless Ethereum surpasses $ 2500 amid other positive macroeconomic factors.โ
The CoinDCX research team told ABP Live: โOver the past 24 hours, the cryptocurrency market experienced a shift from positive to slightly bearish conditions, triggered by the Federal Reserve's decision to keep interest rates unchanged. BTC, positioned within its range, is currently in the middle, with BTC's increasing dominance causing declines in most altcoins. ETH reflects a parallel situation, trading within its established range. Additionally, market sentiment is influenced by the regular movement of funds through ETFs, which contributes to the overall market dynamics.โ
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Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency Market predictions are speculative and any investment made will be at the sole risk and expense of the readers.
