The cryptocurrency market, which has already been reeling under pressure, got another blow as the US Federal Reserve raised interest rates by 0.75 per cent to the range of 3-3.25 per cent. Major cryptocurrencies, including Bitcoin, Ethereum and Solana were down up to 6 per cent.
The impact of the steep hike in interest rates was felt in global equity as well as crypto markets. The latter, however, has been shedding value since about a week now. The crypto market cap fell about 2.06 per cent to $907.26 billion but its trading volume was up 35.79 per cent to 91.54 billion, according to data from Coinmarketcap.com.
Today’s top gainer was Celsius (CEL), and it was up by 7.65 per cent at $1.57. The top loser was EOS (EOS), which was trading at $1.19 with a 11.2 per cent decrease in the last 24 hours to Thursday morning, according to Coinmarketcap data.
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The most trending crypto was Prosper (PROS).
Cryptocurrency Prices
Bitcoin: BTC fell 1.69 per cent to $18,680.71.
BTC’s trade was range-bound throughout September 21, although at one point after 4.09 pm, BTC was trading with gains and even climbed to $19,600 levels, but that was a short-lived event. Around midnight 1.39 am on September 22, BTC nosedived from $19,000 levels to $18,200 levels within an hour.
Its lowest intraday trading price was $18,813.46, while its volume was down by 7.97 per cent at $35,896,199,455.
Ethereum: Ethereum’s price fell 5.83 per cent to $1,262.40 in the last 24 hours to Thursday morning.
ETH exhibited trading behaviour that was similar to BTC’s. Around 1.09 am on September 22, it came down straight from $1,339 levels to $1,230 levels within an hour. Ever since, ETH has recovered slightly. However, the current price is nowhere near the price levels pre-Merge that was around $1,600.
The lowest price for ETH today was $1,229.43. ETH’s trading volume was up by 48.12 per cent at $21,551,309,590.
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Other Altcoins: Solana’s (SOL) price was down by 2.75 per cent at $31.05 today.
Ripple (XRP) fell 1.15 per cent at $0.4018 and its 24-hour trading volume was down by 12.84 per cent at $3,377,863,945.
Cardano (ADA) fell 3.37 per cent to $0.4425. Cardano’s 24-hour trading volume rose 58.4 per cent to $1,095,913,838.
Binance (BNB) was down by 0.68 per cent to $265.37. Its 24-hour trading volume was down by 31.96 per cent at $1,079,152,660.
Meme Coins
Dogecoin (DOGE) fell 3.19 per cent at $0.05752. Its 24-hour trading volume was up by 24.8 per cent at $390,604,292.
Shiba Inu was down by 1.03 per cent to $0.00001051.
Decentralised Finance (DeFi)
Yearn.Finance (YFI) fell 4.09 per cent to $8,121.96. Its 24-hour trading volume was up by 60.36 per cent at $66,045,856.
Avalanche (AVAX) was down by 0.88 per cent at $16.68 and its 24-hour trading volume was down by 22.47 per cent at $426,472,240.
Aave (AAVE) was trading with a loss of 2.31 per cent at $73.09 and its 24-hour trading volume was up by 37.31 per cent at $157,160,080.
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