In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading almost flat with a negative bias at $20,533 as the crypto market traded sideways after the Federal Reserve decided to increase the interest rate. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also dipped by nearly a per cent to $1,542. Meanwhile, dogecoin price today was trading more than 10% lower at $0.11 whereas Shiba Inu was also about 4% lower to $0.000011.
Other crypto prices’ today performance were mixed as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap prices were trading with gains over the last 24 hours whereas ApeCoin, Polygon (up 14%), Polkadot, Chainlink, Cardano, Stellar gained.
The global crypto market cap today remained above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.05 trillion, as per CoinGecko.
The market value of outstanding cryptocurrencies has plunged by more than half this year as the Federal Reserve raised interest rates, pulling back the flood of pandemic-era stimulus that fueled a steep run up in the price of risky assets. Investors’ interest in speculating in the tokens has dimmed since prices tumbled sharply from their peak.
Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation.
Coinbase Global Inc., the biggest exchange for cryptocurrencies, doesn’t expect the industry to rebound swiftly from the trading slump that’s battered its revenue. “We are preparing for 2023 with a more conservative bias with more headwinds,” Alesia Haas, Coinbase’s chief financial officer, said in an interview to Bloomberg. “We are preparing and we are developing plans that we will be more conservative next year. These headwinds could persist or possibly intensify.”
(With inputs from agencies)