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Bitcoin Slumps Towards $25K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) tumbled during the last 24-hours, and the intensity of drop was very sharp post the Federal Reserve decision of rate hike pause. Investors shrugged off the U.S. central bank’s widely expected halt to a more than year-long diet of interest rate hikes.
Bitcoin (BTC) price took a sharp cut. Ethereum (ETH), too, followed while major
altcoins took a dive to sink into negative territory.
BTC, the largest cryptocurrency by market capitalization was recently trading at $25,164 down 3.16% over the past 24 hours. The drop sent the asset to its lowest level since mid March. ETH declined more than 5% to $1,655.
For most VDAs the initial move has been toward the downside, since the Fed indicated that this pause is likely not going to last.
ADA plunged more than 5%, while SOL and Matic each dropped over 4%.
BTC has largely been treading water nearer $26,000 for most of the past five days as investors weighed the initial impact of Securities and U.S. Exchange Commission (SEC) lawsuits against crypto exchange giants Binance and Coinbase, Fed monetary policy signals and other macroeconomic uncertainties.
The global crypto market cap slumped 2.87% to $1.03 tn, over the last 24-hours. The total crypto market volume fell 1.30% to $33.05 bn, during this period, led by total volume DeFi of $2.29 bn, or 6.94%, and the volume of all stablecoins at $30.97 bn, or 93.72% of the total crypto market 24-hour volume.
Bitcoin’s dominance stands reduced by 0.12% at 47.54%.
IC15 index, the barometer of top fifteen tokens, dropped 1.84% to 35,848.
Experts believe that as long as BTC maintains $25K, the markets should continue to witness a consolidation.
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