June 15: Cryptocurrency Prices in India – Global Market Cap Check for Bitcoin BTC, Ethereum, Doge, Solana, Litecoin, Ripple, TWT, CRV Amidst US Fed Rate Hike
Bitcoin and other popular cryptocurrencies saw a decline in prices following the US Federal Reserve’s decision to pause the rate hike. Bitcoin dipped below the $26,000 mark for the first time since March 2022. Other altcoins, including Ethereum, Dogecoin, Ripple, Litecoin, and Solana, also experienced a decline in prices. Trust Wallet Token was the top gainer, with a 24-hour jump of over 8 percent, while Curve DAO Token became the biggest loser with a 24-hour loss of over 11 percent. The global crypto market cap stood at $1.03 trillion, registering a 24-hour dip of 3.21 percent. Bitcoin’s price stood at $25,028.42, while Ethereum’s price was at $1,649.07. Dogecoin’s price was $0.0601, Litecoin’s price was $73.08, Ripple’s price was $0.4812, and Solana’s price was $14.94.
Experts attributed the market’s reaction to the US Federal Reserve’s decision to pause the rate hike and comments by the Fed chair, Jerome Powell, tempering expectations of interest rate reductions this year. They also mentioned the SEC lawsuits against Binance and Coinbase, which may have contributed to the dip in prices. Despite regulatory challenges, Bitcoin managed to hold above a significant support level of $25,200-$25,400, indicating its resilience. The demand for stablecoin Tether remained high, reaching an all-time high supply of 83.36 billion USDT.
Overall, the crypto market experienced a wider sell-off, with Bitcoin and Ethereum slipping by 3.54 percent and 5.43 percent, respectively. Altcoins were also trading in the red, and the overall market cap hovered around $1.02 trillion. Experts highlighted the importance of stablecoins like Tether in providing stability and liquidity in the market. They also advised readers to be cautious as crypto investments are highly risky and speculative.
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