Crypto Price on January 31: Bitcoin falls below $43,000 level ahead of US Federal Reserve interest rate decision
Reuters
Synopsis
All eyes are on the Federal Reserve's decision on interest rates today, widely anticipated to stay the same. Maintaining this price until month-end would signify Bitcoin's fifth consecutive monthly gain, its lengthiest positive streak. This is likely to continue until Bitcoin halving takes place, said Edul Patel, CEO of Mudrex.
By Navdeep Singh, ETMarkets.com
Ahead of the US Federal Reserve policy decision later in the day, major crypto tokens were trading mixed with a negative bias on Wednesday
All eyes are on the Federal Reserve's decision on interest rates today, widely anticipated to stay the same. Maintaining this price until month-end would signify Bitcoin's fifth consecutive monthly gain, its lengthiest positive streak. This is likely to continue until Bitcoin halving takes place, said Edul Patel, CEO of Mudrex.
Shivam Thakral, CEO of BuyUcoin, said, "The crypto market is in a wait-and-watch mode as the Fed meeting on the first interest rate decision of 2024 is underway. A decision to cut the interest rate will boost market liquidity and spark economic activity across sectors. Bitcoin is well-positioned to start another growth cycle owing to positive macroeconomic factors."
In today's trade, altcoins such as BNB, Solana, XRP, Cardano, Avalanche, Dogecoin, Polkadot, Toncoin, Internet Computer and Shiba Inu declined 2-4%. While Tron, Chainlink, and Polygon rose 1-5%.
The total volume in DeFi is currently $5.02 billion, 8.73% of the total crypto market 24-hour volume. The volume of all stablecoins is now $52.85 billion, which is 91.83% of the total crypto market 24-hour volume.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, dropped to $842 billion. Bitcoin's dominance is currently 51.02%, according to CoinMarketCap. BTC volume in the last 24 hours surged marginally to $22.7 billion.
"BTC has maintained stability, hovering around $43,000. It remains above both the 20 and 50 EMA Daily. For a substantial upside move, BTC needs to overcome the key resistance level at $44,500," said CoinDCX Research Team.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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At 12.20 p.m., Bitcoin was trading 0.79% lower at $42,954, while Ethereum was up 1.3% at $2,332. Meanwhile, the global cryptocurrency market cap declined 0.61% to around $1.65 trillion in the last 24 hours.All eyes are on the Federal Reserve's decision on interest rates today, widely anticipated to stay the same. Maintaining this price until month-end would signify Bitcoin's fifth consecutive monthly gain, its lengthiest positive streak. This is likely to continue until Bitcoin halving takes place, said Edul Patel, CEO of Mudrex.
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Shivam Thakral, CEO of BuyUcoin, said, "The crypto market is in a wait-and-watch mode as the Fed meeting on the first interest rate decision of 2024 is underway. A decision to cut the interest rate will boost market liquidity and spark economic activity across sectors. Bitcoin is well-positioned to start another growth cycle owing to positive macroeconomic factors."
In today's trade, altcoins such as BNB, Solana, XRP, Cardano, Avalanche, Dogecoin, Polkadot, Toncoin, Internet Computer and Shiba Inu declined 2-4%. While Tron, Chainlink, and Polygon rose 1-5%.
The total volume in DeFi is currently $5.02 billion, 8.73% of the total crypto market 24-hour volume. The volume of all stablecoins is now $52.85 billion, which is 91.83% of the total crypto market 24-hour volume.
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In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, dropped to $842 billion. Bitcoin's dominance is currently 51.02%, according to CoinMarketCap. BTC volume in the last 24 hours surged marginally to $22.7 billion.
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"BTC has maintained stability, hovering around $43,000. It remains above both the 20 and 50 EMA Daily. For a substantial upside move, BTC needs to overcome the key resistance level at $44,500," said CoinDCX Research Team.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
