Crypto Price Today: Bitcoin holds $26,000; Ethereum slips below $1,800; Litecoin falls 6%
Crypto Price Today: Bitcoin holds $26,000; Ethereum slips below $1,800; Litecoin falls 6%
Bitcoin extended its losses on Thursday as it dropped another 2 per cent but was able to the $26,000 mark, while Ethereum was also down 2 per cent and slipped below the $1,800 level.
Pawan Kumar Nahar
- May 25, 2023,
- Updated May 25, 2023, 03:37 PM IST
Bitcoin and other top crypto tokens were down for another day as the digital asset markets weakened further on Thursday. Investors continued to mull over recent macroeconomic uncertainties, including US debt ceiling concerns, that have plagued digital assets for more than 12 days now.
Bitcoin extended its losses on Thursday as the largest crypto token dropped another 2 per cent but was able to the $26,000 mark. However, its largest peer, Ethereum, was also down over 2 per cent and slipped below the $1,800 level. Pain in the altcoins was severe compared to blue chips.
Most cryptocurrencies faced a downward trend as investors reacted to concerns over UK inflation and the ongoing US debt ceiling stalemate, said Edul Patel, CEO and Co-founder at Mudrex.
"The release of the latest Federal Open Market Committee minutes, revealing divisions among US central bankers regarding interest rate hikes, failed to instill confidence in the market. Bitcoin experienced over 3 per cent decline, trading at the $26,100 level, its lowest point since May 12. Similarly, Ethereum followed suit, dropping below the $1,800 level," he said.
All the top crypto tokens, including the US dollar-pegged stablecoins, were trading lower on Thursday, Litecoin dropped another 6 per cent, followed by a 3 per cent fall in Avalanche and Shiba Inu each. Dogecoin, BNB and Polkadot were down 2 per cent, each, in the early trade.
The global cryptocurrency market cap was trading sharply lower, falling to the $1.10 trillion mark as it dropped as much as 3 per cent in the last 24 hours. However, the total trading volumes surged about 36 per cent to $38.14 billion.
The UK core Consumer Prices Index (CPI) rate exceeded expectations, soaring to 6.8 per cent, the highest since 1992. This persistent surge in core prices, excluding food, energy, and tobacco, for three consecutive months, raises concerns as the Bank of England is likely to face mounting pressure to continue raising interest rates in the upcoming months, said CoinDCX Research Team. "In terms of digital asset investment products, there has been a consistent outflow totaling $232 million over five consecutive weeks. Interestingly, the Bitcoin network has now emerged as the second-largest platform for Non-Fungible Token (NFT) transactions, showcasing its growing presence in this market," it added.
Tech View by WazirX Trade Desk Synthetix(SNX) is a decentralized liquidity provisioning protocol accessible to any protocol for various objectives. Its substantial liquidity and cost-effectiveness function as a foundation for numerous promising protocols on both the Optimism and Ethereum networks. Synthetix Network is collateralized by SNX, ETH, and LUSD, allowing the creation of synthetic assets known as Synths.
The SNX/USDT trend has formed a distinctive descending triangle pattern on the weekly time frame. The trend is on the verge of a pattern breakout and we could expect a continuation of the uptrend till the next resistance level. Taking a buy position at the current price could prove to be favourable. Immediate support is expected at 2.16 USDT and the next resistance is expected at 2.91 USDT.
(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.)
Bitcoin and other top crypto tokens were down for another day as the digital asset markets weakened further on Thursday. Investors continued to mull over recent macroeconomic uncertainties, including US debt ceiling concerns, that have plagued digital assets for more than 12 days now.
Bitcoin extended its losses on Thursday as the largest crypto token dropped another 2 per cent but was able to the $26,000 mark. However, its largest peer, Ethereum, was also down over 2 per cent and slipped below the $1,800 level. Pain in the altcoins was severe compared to blue chips.
Most cryptocurrencies faced a downward trend as investors reacted to concerns over UK inflation and the ongoing US debt ceiling stalemate, said Edul Patel, CEO and Co-founder at Mudrex.
"The release of the latest Federal Open Market Committee minutes, revealing divisions among US central bankers regarding interest rate hikes, failed to instill confidence in the market. Bitcoin experienced over 3 per cent decline, trading at the $26,100 level, its lowest point since May 12. Similarly, Ethereum followed suit, dropping below the $1,800 level," he said.
All the top crypto tokens, including the US dollar-pegged stablecoins, were trading lower on Thursday, Litecoin dropped another 6 per cent, followed by a 3 per cent fall in Avalanche and Shiba Inu each. Dogecoin, BNB and Polkadot were down 2 per cent, each, in the early trade.
The global cryptocurrency market cap was trading sharply lower, falling to the $1.10 trillion mark as it dropped as much as 3 per cent in the last 24 hours. However, the total trading volumes surged about 36 per cent to $38.14 billion.
The UK core Consumer Prices Index (CPI) rate exceeded expectations, soaring to 6.8 per cent, the highest since 1992. This persistent surge in core prices, excluding food, energy, and tobacco, for three consecutive months, raises concerns as the Bank of England is likely to face mounting pressure to continue raising interest rates in the upcoming months, said CoinDCX Research Team. "In terms of digital asset investment products, there has been a consistent outflow totaling $232 million over five consecutive weeks. Interestingly, the Bitcoin network has now emerged as the second-largest platform for Non-Fungible Token (NFT) transactions, showcasing its growing presence in this market," it added.
Tech View by WazirX Trade Desk Synthetix(SNX) is a decentralized liquidity provisioning protocol accessible to any protocol for various objectives. Its substantial liquidity and cost-effectiveness function as a foundation for numerous promising protocols on both the Optimism and Ethereum networks. Synthetix Network is collateralized by SNX, ETH, and LUSD, allowing the creation of synthetic assets known as Synths.
The SNX/USDT trend has formed a distinctive descending triangle pattern on the weekly time frame. The trend is on the verge of a pattern breakout and we could expect a continuation of the uptrend till the next resistance level. Taking a buy position at the current price could prove to be favourable. Immediate support is expected at 2.16 USDT and the next resistance is expected at 2.91 USDT.
(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.)