Bitcoin’s price failed to recover throughout the past 24 hours. Quite the contrary – it continued bleeding out slowly and reached an intraday low at around $21,580 (on Binance).
The majority of the market is also charting mild declines as the trading volume across the board diminishes. However, there are some exceptions.
Bitcoin’s price is currently trading at slightly above $21,600, having charted an intraday low at $21,580 (on Binance). This is a decline of around 1.3% on the day on relatively low volume.
The volatility picked up on a couple of occasions yesterday but failed to produce any meaningful differences.
The Chairman of the US Federal Reserve – Jerome Powell – testified before the Financial Services Committee and reiterated that the inflationary pressures are currently higher than what the Fed had previously expected. This suggests that another 50bps hike could in play, but it appears that the markets had braced for it beforehand.
That said, BTC increased to around $22,200 but started losing steam since then.
Ripple’s XRP is the most obvious outlier in the past day, as the cryptocurrency has gained around 3% and is now approaching the pivotal level of $0.40. It’s interesting to note that this takes place while the majority of other major coins are trading in the red.
Ripple is, in fact, the best performer among the top 100 cryptocurrencies by means of total market capitalization, followed by KLAY and Toncoin’s TON.
On the other end of the spectrum, ImmutableX (IMX) and Synthetix Network (SNX) have both lost over 10%, making them the worst performers for the day.
The sentiment across the broader market has declined somewhat considerably over the past 24 hours, and it is now in the fear territory. Yesterday, it was neutral.
