Cryptocurrency Price Today: Major crypto tokens trading on Tuesday were mixed after the US Fed turned hawkish amid renewed inflation concerns, scaring traders. The largest cryptocurrency with 39.8 percent dominance, Bitcoin (BTC), traded with gains above $21,000. The second largest cryptocurrency, Ethereum (ETH), traded for a profit.
Most crypto tokens have fallen to 20 percent in the past week following the release of the US FOMC minutes, suggesting the bank would maintain its current inflation prescription of 75 basis point rate hikes.
Solana topped the losers, followed by Shiba Inu with a 2 percent drop, while Cardani and Ethereum each posted similar gains. The global cryptocurrency market cap was trading marginally higher at $1.02 trillion, almost unchanged in the past 24 hours. However, the total trading volume increased by more than 18 percent, nearly $70.62 billion.
“Bitcoin, Ethereum and most cryptocurrencies have fallen slightly as investors worry about monetary policy and uncertainties. The two major cryptocurrencies are down more than 10% since last week after the Federal Open Market Committee meeting was released in July. If BTC can close above $21,500 today with less sales volume, we can expect it to hit $22,400 soon. While on the other hand, the hype around Ethereum and merge is slowly dying, causing the price to drop. The downtrend may be temporary as the merger is still a month away, and ETH may gain momentum sooner,” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.
An indicator known as the moving average convergence divergence MACD also flashed a warning sign. The MACD has turned negative, which to some technical analysts is a sign that Bitcoin may continue to come under pressure. The decline in recent days has also brought Bitcoin and the MVIS CryptoCompare Digital Assets 100 Index below their 50-day moving averages, as reported by Bloomberg.
Cryptos struggled in the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation. After the collapse of a large pair of tokens, some cryptocurrency lenders have frozen customer withdrawals and several crypto companies have cut jobs.
Here are the top 10 cryptocurrencies and their prices as of Tuesday, August 23 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $21,365.40 or 0.46 percent loss in the last 24 hours
Ethereum $1,605.23 or 2.03 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent loss in the last 24 hours
USD Coin $1.00 or 0.03 percent gain in the last 24 hours
BNB $296.94 or 0.43 percent loss in the last 24 hours
Binance USD $1.00 or 0.05 percent gain in the last 24 hours
XRP $0.3339 or 2.71 percent loss in the last 24 hours
Cardano $0.3391 or 1.01 percent gain in the last 24 hours
Solana $35.18 or 0.14 percent gain in the last 24 hours
Dogecoin $0.06823 or 1.78 percent gain in the last 24 hours
Read the Latest news and Important news here