Bitcoin (BTC), the world's oldest and most valued cryptocurrency, fell below the $27,000 mark. Ethereum (ETH) also missed the $1,600 mark early Friday. The declines could largely be attributed to US Federal Reserve Chairman Jerome Powell's statement on the possibility of raising interest rates. Popular altcoins including Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) are trading sideways across the board. Terra Classic (LUNC) became the biggest gainer, jumping more than 5 percent in 24 hours.
The global crypto market capitalization stood at $1.06 trillion at the time of writing, recording a 1.33 percent drop in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at $26,640.35, recording a 24-hour loss of 1.53 percent, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 23.02 lakh.
Ethereum (ETH) price today
The price of ETH stood at $1,594.62, down 1.73 percent in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 1.39 lakh.
Dogecoin (DOGE) price today
DOGE posted a 24-hour loss of 2.01 percent, according to data from CoinMarketCap, currently priced at $0.06164. According to WazirX, the Dogecoin price in India stood at Rs 5.27.
Litecoin (LTC) price today
Litecoin recorded a 0.25 percent gain in 24 hours. At the time of writing, it was trading at $65.06. LTC price in India stood at Rs 5,460.12.
Ripple Price (XRP) Today
The price of XRP stood at $0.513, down 0.76 percent in 24 hours. According to WazirX, the price of Ripple stood at Rs 43.59.
Solana (SOL) price today
The price of Solana stood at $19.71, representing a loss of 2.17 percent in 24 hours. According to WazirX, SOL price in India stood at Rs 1,700.
Top Crypto Gainers Today (September 22)
According to data from CoinMarketCap, these are the top five cryptocurrency gainers in the last 24 hours:
Terra Classic (LUNC)
Price: $0.00006156
24 hour gain: 5.69 percent
THOR Chain (RUNE)
Price: $1.79
24 hour gain: 1.16 percent
Zcash (ZEC)
Price: $26.35
24 hour gain: 0.60 percent
ONE BUT I LEO (LEO)
Price: $3.88
24 hour gain: 0.60 percent
Frax Stock (FXS)
Price: $5.38
24 hour gain: 0.45 percent
Top Crypto Losers Today (September 22)
According to data from CoinMarketCap, these are the top five cryptocurrency losers in the last 24 hours:
Immutable (IMX)
Price: $0.6684
Loss of 24 hours: 9.75 percent
MultiversX (EGLD)
Price: $25.81
Loss of 24 hours: 7.17 percent
Lido DAO (LDO)
Price: $1.49
Loss of 24 hours: 5.47 percent
Gala (GALA)
Price: $0.01326
Loss of 24 hours: 5.21 percent
XDC Network (XDC)
Price: $0.05158
Loss of 24 hours: 5.06 percent
What Crypto Exchanges Say About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: โBitcoin has been trading sideways over the past 24 hours, largely in response to US Federal Reserve Chairman Jerome Powell's remarks regarding the prospect of increasing interest rates. At the same time, market participants are digesting yields on benchmark US 10-year bonds, which have risen to 4.49 percent, the highest since November 2007. Meanwhile, the price of Ethereum has declined but remains above the $1,550 mark.
Parth Chaturvedi, chief investment officer at CoinSwitch Ventures, said: โThe US feds' comments on monetary policy appear to have sparked a sell-off among investors across all markets, including cryptocurrencies. According to CoinGecko, the global cryptocurrency M.Cap is down 1.5 percent but still above $1 trillion. The Crypto Fear and Greed Index has re-entered the fear zone after dropping 4 points since yesterday. The index currently stands at a score of 43/100. M.Cap's top 50 cryptocurrencies are trading in the red. BTC is down 1.6 percent in the last 24 hours and is currently trading below its $27,000 support level. ETH (-2.0 percent) is also trading below its support at $1,600.โ
Rajagopal Menon, vice president of WazirX, said: โDespite macroeconomic pressures, Bitcoin may gain support from ongoing Bitcoin exchange-traded fund (ETF) filings in the US, with a 70 percent probability.โ of SEC approval in the next six months, potentially leading to a +20 percent price increase.โ
Atulya Bhat, CMO of BuyUcoin, said: โBitcoin fell below the $27,000 mark after the Federal Reserve chief hinted at tight monetary policy and that higher interest rates could be prolonged to control inflation. Higher interest rates can discourage lending activity and lead to a liquidity crisis. ETH, the largest altcoin, fell below the $1,600 mark during the same period and is changing hands at $1,593.24 at the time of writing.
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: โBitcoin, currently at $26,645, endured a tumultuous episode at 11:34 UTC (7:34 ET). It witnessed a stunning drop from around $65,760 to a surprising low of $8,200. Surprisingly, within minutes, the cryptocurrency recovered and almost regained its original value. Interestingly, this sudden drop selectively shook Binance.US and left traders confused. The spokesperson blamed the chaos on an "institutional trader" and a glitch in its trading systems. The event highlights the volatile nature of Bitcoin, where dramatic price swings can quickly disrupt markets. โIt serves as a vivid reminder of the unpredictable terrain of the cryptocurrency space, where luck can change in an instant.โ
The CoinDCX research team told ABP Live: โIn the last 24 hours, the price of Bitcoin fell by 1.40 percent, now standing at Rs 23,65,000 ($26,600). This drop in the value of bitcoin coincided with a drop in global stock markets. This occurred as investors responded to cautious comments made by the US Federal Reserve about its monetary policies. Additionally, we saw a rise in US 10-year Treasury yields, reaching the highest point in 16 years. โThis change likely had an impact on the behavior of financial markets in general.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.
