bitcoin price today: Crypto price today live: Bitcoin hits $17K; Litecoin tanks 2%, Shiba Inu lone gainer
The Fed’s action brought a reality check for the riskier assets, including cryptos, which wiped out the buoyancy seen in digital tokens boosted by inline inflation numbers earlier this week.
Bitcoin held above $17,500 levels after a long consolidation, while Ethereum stayed below the $1,300 mark.
Apart from Shiba Inu, all other top crypto tokens were trading in the red. Litecoin, Bitcoin and Ethereum fell 2% each, followed by BNB, Dogecoin and Cardano.
The global cryptocurrency market capitalization was trading lower around $850 billion, falling more than one percent in the past 24 hours. Total trading volume fell around 27% to $33.8 billion.
What is cooking in India
CoinSwitch, the India-based crypto investment app, has unveiled a brand new brand identity, which includes a new logo, colors, font and mobile app.
The company is on course to become the first Indian crypto company to diversify into other asset classes as part of its mission to monetize equally for all.
Expert take
“The prices of most cryptocurrencies fell as the market continued to react to the recent rate hike by the Federal Reserve,” said Edul Patel, CEO and co-founder of Mudrex.
“This may have been caused by traders taking profits after three days of gains. Bitcoin’s support is currently at $17,100, and resistance is at $17,550,” he added.
Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said the FTX Fiasco continued to unfold over the past week, culminating in SBF’s arrest in the Bahamas, with both the SEC and CFTC charging fraud and misappropriation of funds.
“Although no real clarity emerged on the contagion effects as Genesis’ financial condition remained murky. In contrast, crypto markets appeared to have found a footing and have settled higher with nearly $900 billion market cap,” Chaturvedi added.
Global updates
Archblock, a core developer of unsecured lending protocol TrueFi, is partnering with Adapt3r, a subsidiary of alternative asset manager MJL Capital, to bring US-regulated community banks to decentralized finance.
Binance, the largest crypto exchange by volume traded, is not the next FTX, according to CryptoQuant. The Seoul-based research firm points to on-chain data to support claims made in a recent audit that Binance is oversecured.
The members of the Ethereum Name Service (ENS) decentralized autonomous organization (DAO) voted to elect trustees for three working groups for the coming year.
Web3 domain provider Unstoppable Domains will integrate with Ethereum’s popular blockchain explorer, Etherscan, as well as Polygonscan in early 2023, the company said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
