Cryptocurrency Prices Updates: The price of Bitcoin, the biggest and most well-known cryptocurrency, was trading today almost flat with a negative bias at USD 20,533, as the cryptocurrency market moved sideways following the Federal Reserve’s decision to raise interest rates. The price of Bitcoin has been trading in a constrained range of around USD 20,000 since June this year after rising to an all-time high of around USD 69,000 in November last year.
On the other hand, Ether, the second-largest cryptocurrency and the token connected to the Ethereum blockchain, too fell by about 1percent to USD 1,542. Shiba Inu was also down approximately 4percent to USD 0.000011 while Dogecoin was trading more than 10percent down at USD 0.11 today.
Other cryptocurrency values performed differently today, with advances seen in Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, and Uniswap prices during the past day, while losses were seen in ApeCoin, Polygon (up 14percent), Polkadot, Chainlink, Cardano, and Stellar.
According to CoinGecko, the global crypto market valuation was USD 1.05 trillion in the last 24 hours, although it was still above the USD 1 trillion threshold today.
As the Federal Reserve increased interest rates this year, it halted the torrent of stimulus from the previous era that had driven a sharp rise in the price of risky assets. As a result, the market value of all active cryptocurrencies has fallen by more than half. Since the prices of the tokens sharply declined from their high, investors’ interest in speculating in them has decreased.
Over the past two years, as stimulus from the epidemic era poured the global economy and then as central banks like the Federal Reserve raised interest rates to confront increasing inflation, bitcoin has traded almost in lockstep with risk assets.