Crypto Prices Today: BTC, ETH, SHIB in Red

The crypto market drops gains today, trading lower after Fed signaled rate hikes in its next meeting. Should you purchase at discounted prices?

The crypto space displayed bearishness on Thursday as most assets declined. That came amid Fed Reserve’s rate hike signal in the coming meeting. The central bank may focus on curbing inflation. That means the institution would not concentrate on supporting the economy.

Excluding dollar-tied stable coins, top coins traded lower earlier today. Bitcoin, the world’s leading crypto, Bitcoin hovered near $35,900, following a 4.59% fall in the last 24 hours (Coinmarketcap.com). That way, the global crypto market cap noted a 4% decline to $1.71 trillion.

WazirX COO Siddharth Menon commented on the current market situation, stating that descending channel setups dominate daily timeframes. The official believes Bitcoin can drop to explore the next support around $30,140. The dominant crypto can kick-start an uptrend after touching this floor.

Bitcoin’s downswings had the altcoin market shedding gains. Ether, the leading crypto in the alt space, saw an over 3.86% loss, hovering at $2,479. Also, Binance Coin declined by 5% to stand at $364 (data from Coinmarketcap).

Menon added that Ethereum remains in an ascending channel set up as far as daily trend is concerned. The altcoin trades near support and cracking the barrier might see Ethereum weakening against Bitcoin. The immediate foothold will emerge at 0.0658.

Dogecoin also noted a more than 5% drop to $0.14, while Shiba Inu dropped approximately 5% to exchange hands at $0.000020. Other tokens that registered massive cuts within the previous 24 hours include XRP, LUNA, XLM, AVAX, ADA, SOL, and MATIC.

Meanwhile, the latest volatility saw Indian crypto exchanges recording high trading volumes. Meanwhile, Solana might become the ‘Visa’ of the crypto industry as it targets scalability, ease of use, and low transaction charges. Bank of America revealed that after hosting Lily Liu, Solana Foundation member.

For now, crypto investors may need to execute caution as the market appears unpredictable in the near term. Experts believe the assets will dip before surging. What are your thoughts on the cryptos’ current situation? Leave a reply in the comment section below.