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Crypto Price Today: Bitcoin nears $24,000; Avalanche, Polygon Solana rally up to 14%


Bitcoin and other major crypto tokens were rallying sharply on Thursday, with some posting double digit gains after the in-line US Fed rate hikes and dovish commentary from the US Federal Reserve chairman Jerome Powell. He acknowledged that the rally in the gold prices has eased down mildly.

Investors seemed more interested in Powell’s comments that the US central bank’s inflation fight was far from over than his remark. The Fed is still looking to slash inflation to 2 per cent from its most recent 6.5 per cent level in December.

Bitcoin extended its gains and marched towards $24,000-mark, thanks to a buoyancy. Its largest peer Ethereum topped $1,600 and was eyeing $1,700-level after a sharp recovery. However, a few altcoins outperformed the crypto bluechips as Optimism Synthetix, and Loopring rallied 18-22 per cent each.

The crypto market has been higher today. This could likely be because of the Federal Reserve’s rate hike of 0.25 per cent Bitcoin breached the key level of $24,000 and fell marginally, said ZebPay Trade Desk.

“As for the Indian economy, whose Budget was presented today, Finance Minister Nirmala Sitharaman made no mention of crypto, virtual or digital assets, blockchain or central bank digital currencies,” it added. “India has been keeping cool on a crypto bill since early last year, stating that crypto regulation cannot succeed without global coordination, something that is a priority with its power to lead the G-20.”

All top crypto tokens were trading sharply higher on Thursday, cheering the lesser aggressive US Fed. Avalanched soared about 14 per cent, whereas Polygon was up 11 per cent. Solana and Ethereum gained 6 per cent each during the early trade.

The global cryptocurrency market cap was trading higher at $1.09 trillion mark, rising about 4 per cent in the last 24 hours. However, the total trading volumes jumped 32 per cent close to $61.61 billion.

Crypto updates
Meta Platforms continued to lose massive amounts of money in its fledgling Facebook Reality Labs division, which comprises its augmented and virtual reality operations, according to its earnings release.

Binance’s blockchain network BNB Chain released on Wednesday morning the white paper for BNB Greenfield, a new decentralized data storage system that will round out Binance’s existing decentralized network.

Tech View by Trade Dest WazirX
dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries. dYdX is a smallcap crypto project trading at 94th rank with half a billion marketcap.

The DYDX coin gained more than 100 per cent in the last 7 days compared to Bitcoin, which rose by over 2 per cent in the same period.  As per the chart DYDX is currently trading above the 21-week MA and it has also broken a flat consolidation pattern with good volumes on weekly timeframe. It is an indication of potential trend reversal from downtrend to uptrend.

(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
 

Also read: Crypto Price Today: Bitcoin slips below $23,000; Solana, Polygon tank up to 6%; Dogecoin rally 4%

Also read: Budget 2023-24: India’s crypto ecosystem is crying out for urgent intervention



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