crypto price today: Crypto price today: Bitcoin hits $20k after Fed rate hikes; Dogecoin & Shiba Inu tank

New Delhi: The crypto market was in the red on Thursday after the US Federal Reserve hiked interest rates by another 75 basis points. Bitcoin posted mild cuts, but outperformers such as Dogecoin and Shiba Inu were in the red.

Bitcoin continued to hover above its recent $20,000 support line, while Polygon rose higher alongside Uniswap.

Apart from some altcoins and stablecoins, the majority of crypto tokens were trading lower. Dogecoin led the losers with a 7% cut, followed by Shiba Inu which plunged 4%. However, Polygon rose over 6%.

The global cryptocurrency market capitalization was trading marginally lower at $1.01 trillion, falling more than one percent in the past 24 hours. However, total trading volume zoomed nearly 40% to $102.76 billion.

Expert take

Interestingly, the global market cap of crypto compared to its stock counterparts remained largely stable after the Fed announcement. Thus signaling some strengthening of the market, said Prashant Kumar founder and CEO of weTrade. “During Asia’s opening hours on Thursday morning, global market capitalization remained above $1 trillion,” he said. “Meanwhile, Dogecoin, which has been riding high for the past week, saw an 8% drop in the last 24 hours,” he added.

Global updates

In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous falls recently discovered a much less pleasant sound: the “haunting hum” of bitcoin mining farms.

Venture capital firm Andreessen Horowitz, also known as a16z, is seeking permission from a federal court to participate in an ongoing lawsuit.

Crypto venture capital firm Digital Currency Group has promoted Chief Operating Officer Mark Murphy to president amid a restructuring that saw about 13% of its staff leave, Bloomberg reported.

Community members of the decentralized finance (DeFi) platform Aave voted to deploy the protocol to the zkSync 2.0 testnet. The successful vote marks the first phase of Aave’s rollout to the new version of the zkSync platform.

Tech View of Giotto’s Crypto Platform

Once among the largest altcoins, Litecoin (LTC) was among the top-earning altcoins on Wednesday. It was up nearly 15%, at its high, and still maintains a 25% gap over its October low.

The move comes after leading global payments network MoneyGram announced that users can now buy, sell and hold some major cryptocurrencies – including LTC. The rally appeared to be driven by a rejection of a strong support trendline.

The coin has been trading within a symmetrical triangle for a large part of this year, and as the triangle is now narrowing, the price action is expected to see higher volatility as a break to either side is attempted by both bulls and bears.

Current resistance is this triangle’s trend line that stretches back in May. This, combined with other factors that continue to dampen the markets – such as the Federal Reserve’s interest rate hike and its continued hawkish stance going forward, make this rally one that is unlikely to sustain. LTC is therefore likely to retest support at $62 and $57. However, if this resistance is breached, retested and held, traders may want to reach for upside targets at $67 and $70, the expert suggested.

Main Levels:

Support: $62, $57, $55

Resistance: $67, $70

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)