Cryptocurrency Market Update: Bitcoin Drops Below $96,000 Amid Regulatory News
Bitcoin’s price has dropped to $95,892, with a market cap of $1.9 trillion and dominance at 60.47%. The cryptocurrency market has seen a 3.11% decline, and various altcoins, including Ethereum and Dogecoin, also fell significantly. Regulatory comments from the U.S. Federal Reserve have influenced these market movements.
As of 12:39 PM IST, Bitcoin’s price has dipped by 2.5%, now trading at $95,892. Ethereum has also seen a decline, dropping 4.14% to $2,604. The global cryptocurrency market capitalization has decreased by 3.11%, totaling $3.14 trillion in the last 24 hours.
Bitcoin slipped under the $96,200 support threshold following comments from U.S. Federal Reserve Chair Jerome Powell during a digital assets panel. Powell suggested regulatory plans for stablecoins while dismissing the prospect of establishing a central bank digital currency (CBDC) in the near future, as noted by CoinSwitch Markets Desk.
Furthermore, several prominent altcoins observed declines: XRP fell by 4.7%, Solana dropped 5.3%, BNB by 1%, Dogecoin by 6%, and other cryptocurrencies such as Cardano, Chainlink, and Avalanche experienced similar downturns ranging from 4% to over 6%.
In the past 24 hours, Bitcoin’s market capitalization has decreased to approximately $1.9 trillion, maintaining a market dominance of 60.47%. Notably, Bitcoin’s trading volume surged by 7.7%, reaching $36.95 billion, while stablecoins accounted for $94.9 billion of this trading volume, representing around 92.77%, according to CoinMarketCap.
Edul Patel, CEO and Cofounder of Mudrex, remarked, “Currently trading at $96,000, Bitcoin must break the $98,200 resistance level to move toward the $100,000 mark.” Additionally, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, indicated that current technical indicators forecast a positive outlook for Bitcoin, with resistance levels anticipated near $100,000, although if bearish pressure prevails, the price could potentially decline to about $92,000.
For more informed investment decisions in the volatile cryptocurrency sector, investors are encouraged to stay updated with current market movements and expert analyses.
In summary, the cryptocurrency market is experiencing significant volatility, with Bitcoin falling below critical support levels amid regulatory discussions. Other cryptocurrencies have also faced notable declines. It is crucial for investors to monitor these developments closely, as market conditions may change rapidly, impacting future trading strategies and investment decisions.
Original Source: m.economictimes.com
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