The danger that threatens Bitcoin holders
According to Iran Economist and quoted by Kevin, the current market performance indicates that the bulls are close to higher levels and the exit, and the bears are opening the way for further correction. The 24-hour trading volume of the largest digital currency has increased by more than seven percent. However, at the time of writing, Bitcoin has reached the price range of $23,422.79, which is a daily decrease of 1.85 percent.
The longer the price remains below this level, the stronger the selling pressure will be as Bitcoin moves below the critical support level of $23,500. Data from TradingView shows that Bitcoin is down more than two percent on the day.
Hours before the Federal Open Market Committee (FOMC) released minutes from its latest meeting, the digital currency, which had already shown signs of weakness, fell further as U.S. stocks began trading. The meeting was held to reveal the Federal Reserve’s view on the upcoming rate cut scheduled for September.
In his latest Twitter update, Michael Van de Poppe stated that the important event of the Federal Open Market Committee minutes, which will provide information on how the Fed is going to raise interest rates, I don’t think will have much of an impact with this. Now, crypto gives it a lot of value and will have a lot of volatility.
GlobalBlock analyst Marcus Sotirio believes a clearer picture may emerge later Wednesday in the minutes of the Federal Open Market Committee meeting.
Bitcoin volatility has eased over the past week, however sellers have prevailed as there is uncertainty surrounding the minutes of the Federal Open Market Committee meeting released Wednesday evening. The minutes indicate the Federal Reserve’s position and when they may slow the pace of interest rate hikes.
Recently, the US Federal Reserve increased the interest rate by 0.75%, but the month-on-month inflation rate was lower than expected. Now there is the question of whether the Federal Open Market Committee’s comments could boost Bitcoin and the larger cryptocurrency market at the right time.
According to Sotirio’s note to clients, according to technical analysis, Bitcoin will face a significant test in the coming days as the 200-week moving average, which is currently around $23,000, is just below the current price of $23,700. If this level cannot be sustained, it means that there will be further declines in the coming weeks and the market’s recovery may be delayed.”
However, another cryptocurrency analyst and trader believes that Bitcoin is currently in a historical buy zone. This analyst thinks that now is the best time to invest in Bitcoin as the value of this asset is expected to increase in the future.
The total value of the global digital currency market is currently estimated at 1.12 trillion dollars, which is 2.51% lower than the previous day. Currently, 40.05% of the total digital currency market is owned by Bitcoin, which has increased by 0.11% in one day.
The total volume of the digital currency market in the last 24 hours is 72.69 billion dollars, which has increased by 12.04%. The total volume in decentralized finance is currently $5.69 billion, which is 7.82% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $65.63 billion, which is 90.29% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 07:36 AM ET)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 23 thousand 460.87 dollars
Price changes in the last 24 hours: 0.01% decrease
Price changes in the last week: 2.26% decrease
2- Ethereum
Price: 1851.39 dollars
Price changes in the last 24 hours: 0.19% decrease
Price changes in the last week: 2.31% decrease
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.00% increase
4- USD coin
Price: $1.00
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.00% decrease
5- Binance Coin
Price: $306.69
Price changes in the last 24 hours: 0.24% increase
Price changes in the last week: 3.50% decrease
6- Cardano
Price: $0.5377
Price changes in the last 24 hours: 0.50% decrease
Price changes in the last week: 4.82% decrease
7- Ripple
Price: $0.3767
Price changes in the last 24 hours: 0.45% decrease
Price changes in the last week, 1.99% decrease
8- Solana
Price: $40.87
Price changes in the last 24 hours: 0.03% decrease
Price changes in the last week: 6.72% decrease
9 – Dogecoin
Price: $0.08074
Price changes in the last 24 hours: 0.76% decrease
Price changes in the last week: 4.87% decrease
10- Polka dot
Price: $8.46
Price changes in the last 24 hours: 0.08% decrease
Price changes in the last week: 5.61% decrease