Major crypto currencies were trading down on Tuesday as investors looked to the minutes of the US central bank’s most recent meeting for hints on the policy outlook.

Bitcoin was down 0.3% at $51,814, while Ethereum rose 1.4% to $2,971. Meanwhile, the global cryptocurrency market cap declined 0.21% to roughly $1.97 trillion over the last 24 hours.

Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu are among the top altcoins that have fallen by up to 6%. While Ethereum and Tron rose by up to 2%.

Bitcoin has surged significantly in the previous 24 hours, reaching a new year high of $53,000. However, it swiftly retreated below $50,750 due to factors such as increasing open interest and unfavorable funding rates for bullish bets.

In contrast, Ethereum stayed pretty stable throughout the turbulence, scarcely falling in price and even surpassing the $3,000 mark.

“ETH has been on a tear since the middle of January. There are two key causes for this. The first is the expectation of a spot ETF in the United States. Standard Chartered Bank expects the SEC to approve spot Ethereum ETFs sometime in May, which may be viewed as external confirmation from traditional finance. Another important factor is the Ethereum network’s ‘Dencun upgrade’.”

DeFi currently has a total volume of $6.73 billion, accounting for 7.70% of the whole crypto market’s 24-hour volume. According to CoinMarketCap data, the total amount of stablecoins is now $79.25 billion, accounting for 90.62% of the whole crypto market’s 24-hour volume.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization drop to $1.015 trillion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a dominance of 51.61%. BTC volume increased 44.8% over the last 24 hours to $31.55 billion.

Bitcoin saw a minor fall to $50,700 while attempting to break the $53,000 resistance, but quickly rallied to $52,000. This price activity could be attributed to VanEck’s spot BTC ETF, HODL, which skyrocketed up to 14X in a single day on $258 million of trading volume.

Quick take on the cryptocurrency price on December 22: The worldwide market capitalization increased to $1.66 trillion.

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, edged closer to $44,000 early Friday as it continued its surge. Popular altcoins like as Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) all finished in the green. With a 24-hour rise of more than 23 percent, NEAR Protocol (NEAR) was the largest gainer of the bunch. ORDI (ORDI) was also the largest loser, falling over 8% in a 24-hour period.

At the time of writing, the worldwide crypto market valuation was $1.66 trillion, a 2.19 percent increase in a 24-hour period.

Bitcoin (BTC) Price Today
According to CoinMarketCap, the price of bitcoin was $43,998.47, a 0.76 percent increase in a 24-hour period.

Ethereum (ETH) Price Today
At the time of writing, the price of ETH was $2,249.52, representing a 2.24 percent 24-hour gain.

Dogecoin (DOGE) Price Today
DOGE gained 2.26 percent in a 24-hour period, according to CoinMarketCap data, and is now trading at $0.0937.

Litecoin (LTC) Price Today
Litecoin fell 1.75 percent in a 24-hour period. It was trading at $70.92 at the time of publication.

Ripple (XRP) Price Today
The price of XRP was $0.6201, up 0.75 percent in 24 hours.

Solana (SOL) Price Today
Solana price was $98.20, a 17.97% increase in 24 hours.

On Monday, major cryptocurrencies traded mixed as the US dollar fell. Bitcoin (BTC) was up 1.84% to $37,198.42. Around 10.15 IST, prominent crypto tokens like as Ethereum (ETH), BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70%.

Bitcoin has gained 0.80% in the last seven days, while Solana Dogecoin and Cardano have increased by roughly 4%, 2%, and 5%, respectively. On a seven-day basis, the laggards are XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%).

The link between cryptocurrency and the US dollar is inverse. The dollar index was at 103.61, down 0.30 percent.

The dollar index (DXY) has fallen to a two-month low and has corrected by 1.9% in the last five sessions, helping cryptocurrencies. The weakness has been caused by slower US inflation in October, which was lower than expected by Wall Street. This has given new momentum to those advocating for an interest rate halt. Because of the lower inflation reading, the Federal Reserve may refrain from raising interest rates further.

Bitcoin is trading cautiously higher at $37,100, with a significant threshold at $38,000. Support levels of $35,835, $35,235, and $34,522 indicate probable decline stabilisation points. Technical indicators provide a mixed but somewhat optimistic picture, with the RSI at 51 indicating a neutral outlook. A short-term bullish trend is supported by the 50-day EMA at $36,400. A small ascending channel can be seen on the chart, indicating that the bullish momentum may continue.

The analyst favours positive trends over $36,400; nevertheless, he advises prudence while emphasising immediate resistance for short-term swings and probable moves in the following days.

BTC (+2.2%) experienced a sharp increase before correcting near $37.2k levels. Support is indicated in the $33,000 to $34.500 zone, with resistance at $38,000.

On the institutional adoption front, Fidelity has become the latest financial business to want to launch an ETH ETF, following rival BlackRock and 5 other corporations, according to Chaturvedi, who said that the presence of financial behemoths such as Fidelity signifies a positive trend for the industry.

On a similar topic, he told that the SEC has delayed its judgement on Franklin Templeton’s and Global X’s spot bitcoin ETF applications, with the deadline now expected to be early 2024, with no substantial influence on BTC’s price.

Bitcoin witnessed some profit booking as it fell more than 1% but managed to retain around 34,000-levels, while Ethereum was also seen in red, slightly lower, and remained around $1,800-levels.
Bitcoin and other cryptocurrencies took a breather on Friday ahead of the weekend’s lack of events. However, a slowdown in the digital asset market was expected following a significant gain in the previous few days. Analysts expect buying enthusiasm to stay in the digital asset market in the coming days.
Bitcoin experienced some profit booking as the largest crypto asset fell more than 1% but managed to stay around 34,000 levels. However, its greatest peer, Ethereum, was also in the red, somewhat lower, and remained below the $1,800 mark. The vast majority of altcoins were trading with cuts.
The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the crypto fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among crypto investors. The broader crypto market has reacted similarly and appears to be cooling off following the rise.
In related news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that allows blockchain, stablecoins, and CBDCs to connect in the same way that SWIFT does in traditional banking. UDPN connects blockchains, implements digital identification standards, and allows for controlled transactions.
The bulk of popular crypto coins were trading down on Friday, with a few outliers. Polkadot fell more than 3%, while Toncoin, Polygon, and Chainlink each fell 2%. Among the gainers, Solana and BNB each gained nearly 1%, while Dogecoin rose somewhat.
The worldwide cryptocurrency market cap was trading much lower, down to $1.26 trillion, after losing more than 1% in the previous 24 hours. However, total trade volumes fell by nearly 7% to $46.88 billion.