Crypto Price Today: Bitcoin below $30,500; Ethereum holds $1,900; Polygon sheds 5%

Bitcoin and other top crypto tokens were down on Thursday after the release of June Federal Reserve minutes, which suggested more tightening coming in if the central bank feels the need. Investors took some profit off the table even as the sentiments remained firm.   Bitcoin continued to weaken further on Thursday. The largest crypto token dropped another per cent to slip below $30,500-mark. Its largest peer, Ethereum, also bled about a per cent but managed to hold $1,900-level. However, price action in other altcoins was majorly on the downside. Following the release of the Federal Open Market Committee (FOMC) minutes, Bitcoin experienced a decline. However, it maintained stability above the $30,400 after the optimistic remarks made by the CEO of BlackRock on Bitcoin, said Edul Patel, Co-founder and CEO at Mudrex. "Although Bitcoin briefly surged above $31,000 earlier this week, it has been consolidating above $30,000 as the bullish momentum weakened. Nevertheless, Bitcoin remains in close proximity to the $31,000 level, which serves as a significant resistance point to monitor in the near term," he said. Barring a few exceptions, all other top crypto tokens were trading lower on Thursday. Polygon dropped about 5 per cent, while Polkadot, Cardano, XRP and Dogecoin declined 3 per cent each. Litecoin was down 2 per cent. Among the gainers, Solana rose about a per cent, while Bitcoin Cash and Tron were also seen in green. The global cryptocurrency market cap was trading lower, dropping below the $1.2 trillion-mark as it declined more than a per cent in the last 24 hours. However, the total trading volumes surged about 11 per cent to $32.08 billion. There has been slight selling pressure in the crypto market in the last 24 hours. The crypto fear and greed index is down by 5 points but remains in the greed zone with a score of 56/100. BTC observed a little dip as its dominance has increased slightly in the process and is currently around 51.36 per cent, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk. "Simultaneously, Polygon saw another day of positive news yesterday. The company and Jump.trade -- an NFT marketplace—have announced that they will be working alongside Flipkart to onboard over 1.1 million web3 wallets and provide its users with exclusive features like brand loyalty programs, limited-edition NFT drops," he said.  

Tech View by WazirX Trade Desk Filecoin(FIL) is a decentralized storage platform designed with the objective of preserving and safeguarding crucial information that holds significance for humanity. The Filecoin network attains remarkable economies of scale through its inclusivity, enabling individuals from around the globe to partake as storage providers.  

The FIL/USDT price has been mostly closing in the green for the past 3 to 4 weeks. On the weekly time-frame the trend has broken above the descending triangle pattern. The weekly RSI has emerged out of the oversold zone. The next resistance is expected at $5.1 and the next support is expected at the $3 level.(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)