At 1:48 pm IST, Bitcoin (BTC) was trading 1.3% lower at $66,088, while Ethereum fell nearly 1.11% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 0.71% to around $2.39 trillion in the last 24 hours.
Central banks are the focal point for investors on this action-packed Wednesday, with the Federal Reserve’s decision anticipated later in the day. While markets expect the U.S. central bank to maintain current rates, a 25 basis point cut in September is fully priced in, with roughly 68 basis points of easing expected for the year.
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Vikram Subburaj, CEO of Giottus, commented, “Bitcoin is consolidating above $66,000 as markets await interest rate updates from the US FOMC. Analysts predict volatility around the announcement, but the support level at $64,000 is likely to hold.”Meanwhile, Edul Patel, CEO of Mudrex, noted, “Bitcoin continues to trade below $67,000, pressured by the US Government’s sale of Silk Road-linked Bitcoin. A decisive move above $66,500 could drive the price higher, but failure to break this resistance may lead to further declines. Immediate support is near $66,000.”Other popular altcoins and meme coins, such as Dogecoin, Cardano, Tron, Avalanche, Shiba Inu, Polkadot, and Chainlink, declined up to 4%, while BNB, Solana, XRP, and Toncoin surged up to 8%. XRP saw an 8% increase amid optimism over a Ripple-SEC settlement, according to Avinash Shekhar, Co-founder & CEO of Pi42.The volume of all stablecoins is now $59.05 billion, which is 90.99% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin’s dominance is currently 54.79%. BTC volume in the last 24 hours fell 27% to $28.7 billion.”Bitcoin’s immediate resistance is at $66,852 and support at $65,000. The RSI indicates oversold conditions and indicates possible further declines if the price falls below $65,900,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
