Cryptocurrency Update: The global cryptocurrency market on Friday, April 22, saw a marginal dip amid aggressive comments from Fed chief Jerome Powell and the Federal Reserve’s intent to be aggressive to tackle inflation. This caused all major cryptocurrencies to lose value as the top 10 tokens were trading in red at the time of writing this article. The global cryptocurrency market has fallen 2.28 percent in the past 24 hours to $1.88 trillion, according to data from CoinMarketCap
“Fed boss Jerome Powell’s aggressive comments are weighing on crypto markets. The US central bank is expected to act proactively aggressively to address rising inflation rates. The risk of higher borrowing costs and a possible economic downturn makes the safe havens attractive and so investors are holding off on the risky assets,” said Kunal Jagdale, founder of BitsAir Exchange.
Bitcoin held the $40,000 mark on the day but fell more than 2 percent, the data showed. At the time of writing this article, Bitcoin fell 2.36 percent in the past 24 hours to trade at $40,679.75. However, in the past seven days, Bitcoin price has risen by 1.39 percent.
“Bitcoin marginally corrected to lose nearly $40,000 in the past few hours as exchanges saw significant sales volumes and crypto markets weaken in general. The decline in BTC price could most likely be due to traders making gains earlier yesterday with Bitcoin climbing above $42K. The 2-hour trend for BTC is visible below the rising triangle pattern. Immediate BTC support is expected at $37,600,” the WazirX trading desk said in a note to news18.com.
Bitcoin witnessed an uptrend breaking above $42,000 and reaching a high of $43,000. The world’s oldest cryptocurrency is expected to gain solid support at $42,000 with resistance near $45,000. Ether lost some ground against Bitcoin and was trading slightly above $3100, said Shivam Thakral, “CEO of BuyUcoin.
Ether price is also down 2.40 percent in the past 24 hours to $3,018.45 at the time of writing this article, according to the data.
Here are the top 10 cryptocurrencies and their prices on April 22, 2022 (data from coinmarketcap.com)
Bitcoin $40,679.75 or 2.36 percent loss in the last 24 hours
Ethereum $3,018.45 or 2.40 percent loss in the last 24 hours
Tether $1.00 or 0.01 percent loss in the last 24 hours
BNB $411.21 or 2.78 percent loss in the last 24 hours
USD Coin $1 or 0.01 percent loss in the last 24 hours
XRP $0.7354 or 2.53 percent loss in the last 24 hours
Solana $103.21 or 3.58 percent loss in the last 24 hours
Terra $93.76 or 0.31 percent loss in the last 24 hours
Cardano $0.9208 or 2.79 percent loss in the last 24 hours
Avalanche $76.62 or 3.17 percent loss in the last 24 hours
Read all the latest news, breaking news and IPL 2022 Live Updates here.