Bitcoin price today rose marginally even as it was trading below $20,000 level after trending downward through the weekend after a solid unemployment report offered mixed implications for the Federal Reserve as it contemplates its path on interest rates. The world’s largest and most popular cryptocurrency was trading slightly higher at $19,848. The global crypto market cap today was above the $1 trillion mark, even as it was flat in the last 24 hours at $1.02 trillion, as per CoinGecko.
“Bitcoin continues to struggle below the $20,000 price level as sellers have become more active in the past week. BTC is currently trading nearly 71% lower from its all-time high. Bulls might attempt to recapture the US$20,000 price level if BTC can trade above the overhead resistance level. If BTC keeps facing continued rejections, it might dip to the US$18,000 support level. Overall, a bearish trend persists in the crypto market, and we might see a correction in the coming weeks,” said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained over a per cent to $1,575. Ethereum is transitioning to proof-of-stake for its consensus protocol. Called the ‘merge’, the software upgrade has been in the works for years, and it will change the way ethereum orders transactions to become more energy efficient.
Meanwhile, dogecoin price today was also trading nearly a per cent higher at $0.06 whereas Shiba Inu fell gained more than 3% to $0.000013. Other crypto prices’ today performance also improved as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Tron, Polkadot, Tether, Litecoin, Stellar, Avalance, Solana, Polygon prices were trading with slight gains over the last 24 hours.
Crypto prices have struggled and Bitcoin has traded largely in the same direction as other risk assets like the Nasdaq 100 as the Fed boosts interest rates amid stubborn inflation. Meltdowns like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital have depressed sentiment as well, and numerous crypto firms have declared bankruptcy or are struggling to survive.
(With inputs from agencies)
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