News
Stay up-to-date on the most trending topics in crypto with our professional and in-depth news.
Bitcoin price is down today as investors expect the Federal Reserve to raise rates and crypto whales send record amounts of BTC to exchanges.
The latest price moves in crypto markets in context for July 24, 2023.
Bitcoin is at the pivotal 50-day SMA support, and a drop below this level could result in accelerated selling of BTC and altcoins.
One analyst pointed out the $27,000 level could be a short-term target for bitcoin amid the lack of positive news.
The balance kept in addresses that hold coins for at least 155 days has increased by $1.87 billion this month.
XRP price is down today, like other top crypto assets, as traders anticipate a Federal Reserve rate hike this week.
One token zoomed 1,200% even though its related project closed in May, data shows.
Bitcoin whales account for the most exchange inflows volumewise since June 2022 as short-term holders become increasingly active.
The highly anticipated project co-founded by OpenAI's Sam Altman launched its token on Monday.
The spot market is in the driver's seat as perpetual futures open interest to market cap ratio remains low, one observer said.
- 17:01Analyst: Fed's hawkish turn dangerous for economyThe Fed's tone reportedly became more hawkish last week. It expects inflation in 2025 to be higher than previously forecast and reduced the number of rate cuts it expects to make next year. Neil Datta, an analyst at Fuxing Macro, writes that in an economic environment that appears to be slowing down, the Fed could be put in an unfavourable position and subsequently revert to a more dovish stance. He suspects that anticipation of Trump administration policies - which Powell admits some Fed officials are now factoring in - will lead to changes in next year's forecasts, with the Fed ‘appearing to be taking precautions by slowing the pace of rate cuts for the potential tariff shocks.’ Datta writes: ‘Given that the potential momentum of the economy appears to have waned, this [approach] is dangerous.’
- 16:56Today's top 100 crypto tokens up and down: AAVE up 11.18 per cent, HYPE down 17.30 per centThe top 100 cryptocurrency tokens by market cap today, 23 December, performed as follows. Top 5 Gainers:Aave (AAVE) is up 11.18 per cent at $332.33;Curve DAO Token (CRV) is up 8.96% at $0.8532;Virtuals Protocol (VIRTUAL) is up 6.69 per cent at $2.53;FTX Token (FTT) is up 6.59 per cent at $3.16;Raydium (RAY) is up 5.20 percent to $4.53. Top five losers:Hyperliquid (HYPE) is down 17.30 percent at $26.25;Movement (MOVE) is down 6.97 percent at $0.7786;Dogwifhat (WIF) is down 4.82 per cent at $1.86;Worldcoin (WLD) is down 4.03 percent to $2.14;MANTRA (OM) is down 3.98 per cent at $3.51.
- 16:50Bitcoin May Retest $90,000 Support, $85,000-$86,000 Range a ‘Bottom Zone’ for Many: TradersOn 23 December, it was reported that the price of Bitcoin has continued to fall, dropping below the $94,000 mark. Although it reached a high of $99,500 over the weekend, it has since come under selling pressure and has retreated 15 percent from last week's record high. A number of trading analysts are cautious about the near-term trend. According to analyst Bitcoindata21, the volume-weighted average price (VWAP) support to resistance is underperforming, and it is expected that Bitcoin may pull back to $92,000, with the $85,000-$86,000 range becoming a ‘bottoming area’ for the bulls. According to CrypNuevo, the market is unlikely to see a V-shaped reversal and may retest the psychological support level of $90,000. Trader Jelle said that the current bitcoin price trend is similar to the end of 2023, and we can not rule out the possibility of falling below $ 90,000 this week, but we expect to return to the uptrend in 2025. From a macro perspective, market sentiment is cautious after the Federal Reserve released a hawkish policy statement last week, and the market expects only an 8.6 per cent probability of a rate cut at the next FOMC meeting, according to CME Group data. Analysts The Kobeissi Letter warned that the rebound in inflation could affect the process of the Fed's shift to accommodative policy. Other analyses point out that the tightening of global liquidity could have a negative impact on the performance of the bitcoin and cryptocurrency markets.
