Bitcoin and Other Cryptocurrencies Trade Higher After US Federal Reserve Announcement
Tech View by WazirX Trade Desk
Clover Finance, also known as Clover, functions as a blockchain operating system that offers a comprehensive and user-friendly blockchain infrastructure. It includes a framework compatible with the Ethereum Virtual Machine (EVM) for Substrate-based applications, providing a convenient all-in-one solution.
In the weekly time period, the CLV/USDT trend has broken out of the descending triangle pattern with a jump in trading volumes. The token has gained over 2% in the last 24 hours. The price is expected to have a positive trajectory in the coming days. The next resistance is expected at $0.57 and an immediate support is expected at $0.36 levels.
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Bitcoin and other crypto tokens were trading higher on Thursday following the announcement by the US Federal Reserve of a 25 basis points increase in interest rates, which was in line with expectations. However, the central bank stated that it is open to further rate hikes if necessary, which tempered the gains in digital assets.
Bitcoin extended its gains on Thursday, with the largest crypto token adding as much as a percent, but still remaining below the $29,500 mark. Meanwhile, Ethereum outperformed, gaining over a percent, but also remained below the $1,900 levels. The prices in the action altcoins were on the higher side.
According to Edul Patel, Co-founder and CEO at Mudrex, after the US Federal Reserve raised its interest rates by 25 basis points, as anticipated by the market, most cryptocurrencies experienced a slight increase. This rate hike was the highest since 2001.
There was cautious optimism in the cryptocurrency market, with Bitcoin showing signs of recovery, trading above the $29,400 mark after dipping to a low of $29,097 earlier in the week. Ethereum was observed being traded at the $1,870 level.
Most other top crypto tokens were also trading higher on Thursday, with Solana surging about 6%, while Polygon and Bitcoin Cash added 3% each. Cardano, Litcoin, and Polkadot rose 2% each for the day. However, Toncoin shed 4% and Dogecoin was down over 2%.
The global cryptocurrency market cap was trading higher, rising to a $1.19 trillion mark, gaining about a percent in the last 24 hours. Meanwhile, the total trading volumes jumped more than 16% to $30.56 billion.
Bitcoin has remained relatively stagnant, stuck below the $30,000 level, primarily due to apprehension surrounding the Federal Reserve’s upcoming decision on the rate hike. Bitcoin investment products suffered a $13 million outflow last week.
According to the CoinDCX Research Team, XRP has emerged as the most traded altcoin of 2023 so far, with a record-breaking $150 billion trading volume. The recent court ruling that it is not a security has captured the attention of traders worldwide and signaled a potential shift in how crypto assets are perceived and regulated.
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