Crypto Price Today: Bitcoin slips below $27,500; Tron & XRP tank up to 10%; Litecoin jumps 7%

Bitcoin and other crypto tokens saw some profit booking on Thursday as the increased interest rates dragged the riskier assets lower. The US Federal Reserve increased the interest rate by another 25 basis points, shunning the hopes that it would turn dovish amid the banking crisis.

However, the US Fed signaled that a pause in the rate hikes is on the cards any time soon, but ruled out any possibilities of a rate cut in the ongoing years. Overall, the risk-averse sentiments weighed on the crypto assets as the jitters returned.

Bitcoin dropped sharply after the interest rate hikes as the largest crypto token slipped below the $28,000 mark and was holding near $27,300. Its largest peer Ethereum was also down about 4 per cent, falling below the $,1750 level. Pain in the altcoins was severe.

Barring the US dollar-pegged USD Coin and Litecoin, all other top crypto tokens were trading with big cuts on Thursday. Tron plunged 10 per cent, whereas XRP tumbled 9 per cent. Solana and BNB were down 5 per cent, each. The sole gainer, Litecoin, surged about 7 per cent.

The global cryptocurrency market cap was trading sharply lower at $1.15 trillion, dropping as much as 3 per cent in the last 24 hours. However, the total trading volumes inched up about 2 per cent, close to $68.05 billion.
 

The Bitcoin rally was interrupted by the interest rate hike of 25 basis points announced by the Fed in the latest FOMC meeting, said Shivam Thakral, CEO of BuyUcoin. "Bitcoin and Ethereum while other digital assets followed a similar trend. The evolving banking situation in the US is making investors jittery and markets are expected to remain choppy," he said.

Blockchain platform Polkadot will be hosting its first global blockchain conference named Polkadot Now India Conference in India with the aim to enter into the Indian Ecosystem. The event will be held on April 1-2, 2023 in Bangalore.

The two-day conference will feature a range of high-profile projects, including KILT Protocol, Astar Network, Moonsama, Public Pressure, Polkassembly, Unique Network, Polkadex and more than 30 diverse speakers from the Polkadot ecosystem.

Tech View By WazirX Trade Desk
Render Token (RNDR) is a distributed GPU rendering network built on top of the Ethereum blockchain, aiming to connect artists and studios in need of GPU compute power with mining partners willing to rent their GPU capabilities out.
 

 

The RNDR/USDT price chart has broken out of the megaphone pattern with good volume on the weekly timeframe, it is up by 3 per cent for the day. It bounced back from 20 EMA(exponential moving average) and is successfully trading above it which indicates there is a lot of interest from buyers in the token.
 

The next resistance for the RNDR token is expected at the $1.55 level and the next support could be expected around the $1.16 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.)

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