Bitcoin and Other Crypto Tokens Continue to Drop
Cryptocurrency traders were focused on the downward movement of Bitcoin and other crypto tokens on Tuesday, as the digital token market shifted its attention to the news that Sam Altman affiliated Worldcoin has been banned in the US. However, all eyes are now on the US Federal Reserve’s monetary policy meeting.
Bitcoin’s Downward Movement
Bitcoin continued to decline on Tuesday, with the largest crypto token dropping by more than 2 percent to barely hold the $29,000 mark. Meanwhile, Ethereum, its largest peer, was also trading lower, falling about 1 percent, but managing to hold at the $1,850 level. Other altcoins also saw a downward trend in their prices during the early day.
Overall Market Movement
The overall crypto market has experienced some selling pressure in the last 24 hours. The crypto fear and greed index swung back into the neutral zone after a drop of 5 points, landing at 50/100, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Dogecoin’s Positive Price Action
Despite the overall downward movement, Dogecoin showed a positive price action after Twitter CEO Elon Musk changed the Twitter logo to X.com with his location teasing the DOGE logo, leading traders to speculate the use of DOGE on the new X app.
Top Crypto Tokens Trading Lower
Apart from Dogecoin and the US dollar pegged stablecoins, all other top crypto tokens were trading lower on Tuesday. XRP and Bitcoin Cash each dropped 5 percent, while Solana tanked 4 percent. Litecoin, Cardano, and Toncoin shed 3 percent each. However, Dogecoin surged by 8 percent, showing resilience in the face of the downward market movement.
Global Cryptocurrency Market Movement
The global cryptocurrency market cap was significantly lower, falling to the $1.17 trillion mark with a decline of 2 percent in the last 24 hours. Despite this, the total trading volumes soared about 42 percent to reach $34.47 billion.
Awaiting the Federal Reserve Meeting
With Bitcoin’s volatility dipping to its lowest level in a year, investors are eagerly awaiting the Federal Open Market Committee (FOMC) meeting this week. The FOMC is expected to raise interest rates by 25 basis points, with an expectation that this may be the last rate hike by the Federal Reserve for the foreseeable future, as stated by the CoinDCX Research Team.
Tech View by WazirX Trade Desk
TomoChain (TOMO) is a project aimed at enhancing the scalability of the Ethereum blockchain, primarily by boosting its transactions per second (TPS) capacity. The project’s ultimate objective is to construct a blockchain infrastructure catering to decentralized apps (DApps) while enhancing integration and security.
TOMO/USDT Price Movement
The TOMO/USDT price has jumped up by nearly 4 percent in the last 24 hours. In the weekly time frame, TOMO has formed a distinctive cup and handle pattern, with the trend almost breaking out of the same. The next resistance is expected at $1.66, with a strong support at the $0.81 level.
Disclaimer
Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It is advised to consult a 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