Cryptocurrency Update: The global cryptocurrency market on Friday, APril 22, recorded a marginal dip amid the hawkish remarks of Fed chief Jerome Powell, and the US central bank’s intention of being aggressive to tackle inflation. This prompted all major crypto coins to lose value, as the top 10 tokens traded in red at the time of writing this article. The global cryptocurrency market was down by 2.28 per cent in the last 24 hours to $1.88 trillion, as per data from CoinMarketCap
“The hawkish commentary from Fed’s boss Jerome Powell is weighing the crypto markets. The US central bank is expected to be proactively aggressive to tackle the rising inflationary numbers. The risk of higher borrowing costs and potential economic recession is making the safe havens an attractive bet and thus investors are keeping off the risky assets,” said Kunal Jagdale, founder of BitsAir Exchange.
Bitcoin held on to the $40,000 mark on the day but was down by over 2 per cent, the data showed. At the time of writing this article, Bitcoin fell by 2.36 per cent over the last 24 hours to trade at $40,679.75. However, over the last seven days, Bitcoin price was up by 1.39 per cent.
“Bitcoin corrected marginally to slip down close to $40,000 in the last few hours as exchanges saw significant selling volumes with the crypto markets weakening, overall. The drop in the BTC price could, most likely, be due to traders booking profits with Bitcoin climbing above $42K earlier yesterday. The 2-hourly trend for BTC can be seen breaking below the ascending triangle pattern. An immediate support for BTC is expected at $37,600,” said the WazirX trade desk in a note to news18.com.
Ether price also went down by 2.40 per cent over the last 24 hours to stand at $3,018.45 at the time of writing this article, as per data.
“We’ve seen a sharp outflow of Bitcoin and ETH from exchanges indicating that there are few coins on exchanges for buyers. Bitcoin’s 30-day supply on exchanges has been negative (outflows greater than inflows) since March 11, and ETH’s since March 15. This emphasizes the rangebound movement we’re seeing because as prices move up or down, there isn’t much liquidity to turn momentum into price action,” said Darshan Bathija, CEO and co-founder of Vauld.
Here are the top 10 cryptocurrencies and their prices on April 22, 2022 (data from coinmarketcap.com)
Bitcoin $40,679.75 or 2.36 per cent loss in the last 24 hours
Ethereum $3,018.45 or 2.40 per cent loss in the last 24 hours
Tether $1.00 or 0.01 per cent loss in the last 24 hours
BNB $411.21or 2.78 per cent loss in the last 24 hours
USD Coin $1 or 0.01 per cent loss in the last 24 hours
XRP $0.7354 or 2.53 per cent loss in the last 24 hours
Solana $103.21 or 3.58 per cent loss in the last 24 hours
Terra $93.76 or 0.31 per cent loss in the last 24 hours
Cardano $0.9208 or 2.79 per cent loss in the last 24 hours
Avalanche $76.62 or 3.17 per cent loss in the last 24 hours
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