The overall crypto market registered losses next to most assets in the last 24 hours. After the U.S. Federal Reserve decided to hold the interest rate steady in its April meeting, the markets witnessed a visible pull back interms of momentum. Bitcoin on Thursday reflected a loss of nearly two percent. In the last 24 hours its value has dropped from its previous day’s price mark of $77,000 to its press time value of $76,290.
In conversation with The Coin Headlines, market anakysts reiterated that BTc’s decline after the FOMC meeting highlights the continued market caution amid broader macroeconomic uncertainty impacting investors.
“Although the Fed’s decision to hold interest rates matched market expectations, BTC remained under pressure during Chairman Powell’s press conference. After the minutes were published, Bitcoin fell to an intraday low of $75,348, slipping just below its 21-day simple moving average of $75,664, a level traders had been watching closely as a potential support,” said Piyush Walke, Derivatives Research Analyst, Delta Exchange. “BTC needs to reclaim $78,800–$79,500 for bullish momentum to return.”
Ether joined Bitcoin in seeing losses in the last 24 hours following the FOMC meeting on April 29. The second most expnensive crypto asset after BTC, ETH price dropped by 2.04 percent in the last 24 hours, bringing its price to $2,265 as of Thursday. Its seven day average price has also dipped by 1.96 percent in the last 24 hours.
“Ethereum showed a similar pattern, dropping to a swing low of $2,218 after the rate decision. The next key support for ETH is seen around $2,180, making this level crucial for determining its near-term price direction,” Walke added.
The U.S. Federal Reserve in its two-day meeting this week decided to hold the interest rates steady at 3.5 percent and 3.75 percent. The Fed also upheld the two percent inflation mark — pushing the market into a quick correction.
Other cryptocurrencies that are also trading in the losses include XRP, BNB, Solana, Cardano, and Bitcoin Cash — all of which logged price dips of around three percent over the last day.
Stellar, Litecoin, Avalanche, Hedera, and Sui also clocked slightly smaller dips of under one percent.
Analysts have pointed out that this is market reaction was expected depending on the Fed’s decision. Altcoins, afterall, have constantly followed Bitcoin’s trajectory whether in profits or in losses.
The overall crypto market cap fell by under one percent over the last day, bringing its valuation to $2.55 trillion, data by CoinMarketCap showed.
Source: CoinMarketCap
Assets that are trading in the greens include XRP, Tron, Dogecoin, Leo, and Canton — all of which logged gains of under one percent.
In the last 24 hours, over 109,135 traders were liquidated with the total liquidations hitting $446.5 million, data by Coin Glass showed on Thursday.
“Overall, the market remains risk-off, with near-term direction hinging on key support levels and macro cues, despite underlying demand staying strong,” Walke noted.
