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Bitcoin, Ethereum react to the Fed
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$66,217.00
6.60%$3,018.61
3.63%$6.96
6.89%$585.84
2.91%$163.24
13.24%$1.001
-0.04%$0.518875
3.66%$3,016.76
3.65%$6.76
-2.95%$0.156205
5.33%$0.458475
6.54%$0.00002559
8.13%$34.83
6.79%$0.124832
-0.60%$66,149.00
6.41%$458.68
6.36%$8.12
16.51%$13.96
6.79%$0.690931
5.75%$82.50
4.47%$2.31
13.96%$12.43
3.48%$7.42
7.84%$5.98
1.00%$0.00001061
-6.81%$10.67
3.82%$27.36
6.33%$0.111611
5.08%$8.57
8.28%$0.999544
-0.30%$3,130.70
3.59%$2.38
18.39%$0.125768
3.72%$8.48
3.65%$0.993819
4.01%$5.85
8.19%$2.20
15.57%$0.107422
4.34%$3.03
4.18%$50.08
2.52%$2,969.29
3.58%$0.310409
16.06%$0.122923
7.66%$43.59
5.81%$399.50
14.23%$0.997104
5.94%$0.03628934
7.67%$2.51
2.78%$2,807.13
2.74%$133.95
0.35%$1.015
11.20%$1.003
0.20%$0.810905
24.51%$24.00
10.70%$6.54
15.76%$2.17
11.15%$0.00021539
2.00%$0.000026
7.66%$3,341.12
3.63%$9.12
10.78%$1.84
16.29%$0.545796
19.24%$0.04514625
13.22%$1.17
13.40%$1.093
3.76%$0.180584
4.81%$1.63
2.01%$3,116.59
3.82%$9.92
0.55%$96.56
3.28%$5.84
17.11%$0.88388
7.31%$86.38
5.75%$0.0254164
19.34%$0.8667
15.30%$63.75
6.81%$0.958679
13.21%$0.00000121
4.49%$2.06
9.03%$0.0279335
4.85%$40.78
7.75%$15.49
6.51%$19.16
4.43%$0.731758
3.82%$5.04
4.57%$0.121736
7.08%$8.13
1.34%$7.31
8.51%$0.02060078
5.53%$0.57458
5.43%$0.442027
7.27%$192.71
12.76%$0.0202575
12.62%$12.20
3.58%$0.00004898
6.29%$9.77
2.26%$0.803239
6.33%$0.919173
4.54%$2.11
8.05%$0.80126
8.89%$0.01277908
20.78%$0.801986
4.94%$2.71
8.84%$0.876661
-12.31%$0.212554
7.72%$2.62
8.89%$1.17
0.92%$4.94
7.97%$38.83
5.53%$0.432929
6.75%$3,013.46
3.91%$1.24
8.00%$3,037.58
3.62%$13.20
9.07%$191.90
12.66%$0.996678
-0.39%$279.02
1.81%$0.661578
5.03%$1.28
3.96%$0.215362
6.14%$1.063
8.75%$0.10647
17.13%$0.01562743
4.41%$2.62
4.15%$4.41
6.80%$0.452605
11.03%$20.18
13.71%$1.00
-0.05%$16.40
12.07%$0.00011063
6.63%$0.174788
6.38%$0.961021
12.68%$1.97
0.72%$35.10
8.44%$3,003.51
3.65%$0.374755
10.94%$0.089726
9.25%$0.00000029
7.76%$0.727389
6.63%$2,389.60
1.12%$0.877591
11.68%$3,185.44
3.68%$4.70
20.07%$3,227.17
3.68%$2.06
9.22%$85.53
6.87%$0.544974
6.01%$1.51
1.71%$0.0361606
0.48%$0.286077
9.17%$2.42
7.08%$0.423901
4.48%$0.090619
7.09%$1.001
0.15%$1.088
14.04%$0.507021
2.85%$0.051376
13.62%$0.00000049
2.20%$0.02649711
7.81%$4.84
-0.88%$3,263.26
3.77%$2.77
7.20%$1.79
19.02%$0.04477912
4.16%$0.2798
3.17%$3.98
13.91%$0.04558531
8.75%$14.49
7.44%$1.001
11.73%$1.082
2.40%$0.221345
7.86%$0.381154
6.57%$0.30261
6.00%$0.817205
10.75%$0.321468
6.40%$2,373.56
1.14%$0.513638
14.98%$0.02369865
7.65%$9.21
19.62%$0.403288
11.97%$20.88
7.57%$1.65
4.97%$3.57
5.94%$0.02959462
7.76%$0.594841
5.79%$1.72
12.41%$0.00118657
3.48%$0.00229621
6.19%$0.00704558
3.91%$3.48
7.74%$4.80
15.70%$1,329.13
6.60%$0.00705771
3.24%$56.11
5.67%$0.074078
8.58%$0.526912
3.81%$3.64
5.07%$3,099.73
3.73%$0.999501
-0.12%$0.81699
0.39%$3.76
-5.29%$3.44
7.11%$0.468418
9.58%$0.04243143
33.39%$0.238151
6.12%$0.03689707
6.95%$0.877535
13.21%$23.45
4.47%$0.00699629
19.44%$0.704789
4.63%$29.24
5.63%$4.30
6.39%$0.02814236
3.89%$0.0375618
5.38%$58.79
7.29%$5.08
5.25%$20.56
13.21%$60.66
3.54%$31.25
2.62%$0.258475
6.30%$0.03228261
2.49%$3.31
5.51%$0.726583
6.00%$0.89309
6.20%$0.837118
14.22%$7.66
3.67%$0.00344036
5.79%$0.00389202
10.33%$116.09
0.64%$2.09
0.60%$3.69
1.53%$31.31
11.87%$0.00092638
-15.65%$0.330731
11.87%$0.3752
9.25%$0.437849
19.45%$3.89
2.86%$0.00000073
33.31%$0.316177
8.19%$2.44
11.47%$1.93
5.14%$0.00004001
33.63%$0.334789
24.89%$0.389803
48.12%$0.839743
-1.12%$29.33
7.21%$39.87
6.98%$3,152.66
3.77%Bitcoin (BTC) continued its bearish price action for the third straight day, with the leading cryptocurrency dropping to a weekly low of $21,814 today, according to data from CoinMarketCap.
After a short recovery, Bitcoin now changes hands at around $21,785 a piece, down 6.9% on the day despite a 7.69% jump in daily trading volumes.
The market capitalization of Bitcoin has more than halved, plummeting from $1.27 trillion last November to under $417 billion today.
Ethereum, the second-largest cryptocurrency by market cap, has also slipped to around $1,728, a 6.2% decline over the past 24 hours.
With a current market capitalization of $211.5 billion, ETH is down 64.49% from its all-time high of $4,891 recorded in November, according to data from CoinMarketCap.
Amid the bearish price action, over $537 million from 156,155 traders have been liquidated in the crypto market over the past 24 hours, suggests data from Coinglass.
Bitcoin leads liquidations with $201.3 million, followed by Ethereum with $132.7 million over the same period.
The vast majority of liquidations for the two leading cryptocurrencies came from blown-out long positions.
Other cryptocurrencies, including Binance Coin (8%), Solana (11.6%), Polygon (11.85%), and Avalanche (14.3%), have also posted tremendous losses over the past 24 hours, according to CoinMarketCap.
The market’s bearish price action is likely linked to the Fed’s expected rate hike next month and the reduced DeFi activity.
As reported by Wall Street Journal, St. Louis Fed President James Bullard favors a 0.75% rate hike by next month. Mary Daly, San Fransisco’s Fed President, also confirmed a 0.50% or 0.75% rate hike next month, as reported by Reuters.
Both have confirmed that the rates could be hiked as long as rising inflation is controlled.
User activity across all DeFi applications on Ethereum has also been negative over the last week, following concerns related to the upcoming merge event.
According to data from Dune Analytics, decentralized exchange (DEX) trading volume has dropped 34% over the past 24 hours.
As per data from DefiLlama, the total value locked (TVL) across all the blockchains is down over 3.75% in the past 24 hours, indicating reduced user interest in DeFi.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.