Home Crypto News Today’s Cryptocurrency Prices: Bitcoin Stabilizes at $28,000; Ethereum Maintains $1,550; Toncoin Drops by 5%

Today’s Cryptocurrency Prices: Bitcoin Stabilizes at $28,000; Ethereum Maintains $1,550; Toncoin Drops by 5%

by Michael Stark

Bitcoin and other crypto tokens faced a slight dip in bullish sentiments on Thursday as amendments to a spot bitcoin ETF filing in the US caused a positive movement in the market. The amendments were made to clarify how sponsors will protect customers’ bitcoin in custody accounts and disclose risks related to the uncertain regulatory environment.

Bitcoin experienced a slight decline after a period of steady growth, dropping by more than one percent but managing to maintain its position above the 28,000-level. At the same time, Ethereum, the largest peer of Bitcoin, also saw a decline of over one percent, barely remaining above the $1,550-level. Additionally, a majority of altcoins were trading lower in the early morning.

In the past 24 hours, Bitcoin had consistently traded above the $28,200 threshold following asset manager Fidelity’s submission of an amendment to its proposed spot Bitcoin ETF application to the US SEC. This amendment outlined Fidelity’s plans to safeguard customers’ bitcoin in custody accounts and disclose associated risks, according to Edul Patel, Co-founder and CEO at Mudrex.

“The market awaits updates from the Economic Club of New York, where Federal Reserve Chair Jerome Powell is scheduled to speak later today, just before the US central bank’s blackout period preceding its next interest-rate decision,” Patel added.

With the exception of Tron, the majority of top crypto tokens were trading lower on Thursday. Toncoin experienced a tumble of more than 5 percent, while Litecoin was down 3 percent. Solana and Polygon also declined more than 2 percent each, with Cardano and XRP similarly experiencing declines.

The global cryptocurrency market cap was trading significantly lower, falling below the $1.08 trillion-mark, dropping around one percent in the last 24 hours. However, the total trading volumes declined over 12 percent to $39.81 billion.

According to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, Bitcoin has been maintaining a position above $28,000 despite a fake news-driven price spike and subsequent correction. Despite the liquidation of nearly $100 million within hours, investors have noted the stability in BTC price after its correction.

In addition, major layer 1 Avalanche has been preparing for adoption in India, while Polygon Labs and OKX have observed the departure of key employees, who have joined Ava Labs for their expansion in the country.

Finally, on the 4-hourly time-frame, the KNC/USDT trend is on the verge of a breakout from the triangle pattern with volume support. The daily RSI has climbed above 60, indicating strong price momentum. The next resistance is expected at 0.8 USDT and an immediate support is expected at 0.645 USDT.

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