### Crypto Market Suffers as US Fed Hints at Rate Hikes
#### Bitcoin and Altcoins Drop After US Fed Meeting
Bitcoin and other top crypto tokens dropped sharply on Thursday after the US Fed minutes of meeting spooked the traders. The US Fed minutes of meeting for July dampened the traders sentiments across the globe, which hinted for more rate hikes by the US central lender if need be.
#### Bitcoin and Ethereum Take a Hit
Bitcoin continued to weaken further as the largest crypto token dropped as much as 2 per cent to slip below 29,000-mark once again. Its largest peer, Ethereum, was also trading 2 per cent down, slipping below $1,800-levels after the latest weakness. Price action in the major altcoins was on the lower side.
Bitcoin is trading above the $28,500 mark. This might be because of the diminishing worth of the Russian Rouble and Argentina’s Peso in relation to the US Dollar. Meanwhile, Ethereum has departed from its former trend of trading between $1,800 and $1,900, currently positioning itself just beneath the $1,800 threshold, said Edul Patel,Co-Founder & CEO at Mudrex.
#### Top Crypto Tokens on the Decline
All other top crypto tokens were trading lower on Thursday. Shiba Inu crashed more than 8 per cent, while Litecoin tanked more than 5 per cent. Dogecoin tumbled 4 per cent, whereas Toncoin, XRP and BNB dropped 3 per cent each. Solana was down 2 per cent in the early trading session.
The global cryptocurrency market cap was trading significantly lower, falling down to $1.14 trillion-mark as it dropped almost 2 per cent in the last 24 hours. However, the total trading volumes jumped more than 19 per cent to $36.82 billion.
#### Tech View by WazirX Trade Desk
THORChain (RUNE) is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process.
THORChain (RUNE) is ranked #68 with a market capitalization of $518 million. The current market price of the token is 1.5 USDT. The RUNE/USDT price has broken out of the descending channel pattern with huge volume on a daily timeframe, it gained 45 per cent in the last week. The next resistance is expected at 1.7 USDT and an immediate support is expected at 1.2 USDT.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin