Cryptocurrency Price Today: Bitcoin Remains Stable As US Fed Keeps Interest Rates Unchanged
Cryptocurrency price on September 21 quick take: The global market cap stood at $1.07 trillion.
The US Federal Open Market Committee (FOMC) decided to keep interest rates unchanged at 5.25 percent to 5.5 percent, marking a 22-year high mark and meeting market expectations. As a result, the overall crypto market remained stable, with Bitcoin (BTC) managing to remain above the $27,000 mark early Thursday. Popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — saw minor movements across the board. Immutable (IMX) went on to become the biggest gainer, with a 24-hour jump of over 37 percent.
The global crypto market cap stood at $1.07 trillion at the time of writing, registering a 24-hour dip of 0.52 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $27,013.51, registering a 24-hour loss of 0.34 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.12 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,621.67, marking a 24-hour dip of 0.88 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.42 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour gain of 0.56 percent, as per CoinMarketCap data, currently priced at $0.0628. As per WazirX, Dogecoin price in India stood at Rs 5.33.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 3.08 percent. At the time of writing, it was trading at $64.82. LTC price in India stood at Rs 5,536.16.
Ripple (XRP) Price Today
XRP price stood at $0.5176, seeing a 24-hour dip of 0.98 percent. As per WazirX, Ripple price stood at Rs 44.50.
Solana (SOL) Price Today
Solana price stood at $20.10, marking a 24-hour jump of 1.22 percent. As per WazirX, SOL price in India stood at Rs 1,714.10.
Top Crypto Gainers Today (September 21)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Immutable (IMX)
Price: $0.7534
24-hour gain: 37.29 percent
Astar (ASTR)
Price: $0.05654
24-hour gain: 8.49 percent
MultiversX (EGLD)
Price: $27.68
24-hour gain: 6.92 percent
Algorand (ALGO)
Price: $0.1019
24-hour gain: 5.82 percent
Aave (AAVE)
Price: $65.02
24-hour gain: 5.40 percent
Top Crypto Losers Today (September 21)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
THORChain (RUNE)
Price: $1.77
24-hour loss: 7.78 percent
Toncoin (TON)
Price: $2.39
24-hour loss: 5.64 percent
eCash (XEC)
Price: $0.00002452
24-hour loss: 4.57 percent
Litecoin (LTC)
Price: $64.79
24-hour loss: 3.33 percent
Casper (CSPR)
Price: $0.03393
24-hour loss: 3.12 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has been trading above the $26,900 level, after Federal Reserve Chair Jerome Powell's declaration of potential interest rate hikes if the economy remains stronger than expected. The central bank has affirmed its current benchmark interest rate range of 5.25 percent to 5.50 percent in accordance with market expectations. Ethereum, on the other hand, persists in trading above the $1,600 threshold. In unrelated news, PayPal has recently introduced its PYUSD stablecoin to Venmo users.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “Bitcoin (BTC, -0.8 percent) has traded flat in the last 24 hours and failed to show any major volatility even as the US Federal Reserve, for the second time this year announced a rate hike pause. However, the Federal Open Market Committee (FOMC) has stated that there can still be one rate hike this year followed by rate cuts in 2024. This is likely to coincide with the Bitcoin halving event and the US presidential elections. In terms of market movements, investors are likely to watch out for ImmutableX (IMX) today. An on-chain analytics firm Santiment has noticed whales moving $15 million worth of IMX, shooting up the price by over 30 percent. Other cryptos in this whale movement include AAVE (+5.4 percent), COMP (+1.2 percent), CRV (+0.3 percent), and YGG (+7.2 percent).”
Rajagopal Menon, Vice President, WazirX, said, “The US Federal Reserve decided to maintain its current benchmark interest rate at 5.25 percent to 5.50 percent, which had been widely anticipated. However, there was an upward revision in their outlook for interest rates next year, indicating a more hawkish stance. After the announcement, Bitcoin initially showed stability at around the $27,000 mark but later experienced a slight drop. On WazirX, Loom Network (LOOM) and Mask Network (MASK) have been the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The Federal Reserve (Fed) recently kept US benchmark interest rates at 5.25-5.5 percent, leading to a modest 1 percent drop in Bitcoin (BTC) to around $27,000, although it remained near monthly highs. Despite this, Fed Chairman Jerome Powell has hinted at the possibility of another interest rate hike later in the year, leading analysts to label it a ‘hawkish pause’. In the updated scatter plot, 12 of 19 Fed policymakers expected a 25 basis point hike in interest rates later in the year. The revised scatter plot also indicated that Fed officials projected just two rate cuts in 2024, down from a previous estimate of four. In addition, the Fed raised its growth outlook for the US economy to 2.1 percent, reflecting increased confidence in achieving a ‘soft landing’.”
Atulya Bhat, CMO, BuyUcoin, said, “The US Fed declined to hike the interest rate in its latest FOMC meeting bringing much-needed relief to the global markets. However, the US Fed did not rule out future rate hikes and hinted that towards the end of 2023, it may go for another rate hike. The crypto market did not react immediately to the news as BTC and ETH remained almost flat during the last 24 hours. The rising crude oil process and geo-political uncertainty may act as a dampener for the crypto market.”
CoinDCX Research Team told ABP Live, “In response to the recent decision by the Federal Open Market Committee (FOMC) to maintain interest rates between 5.25 percent and 5.50 percent (unchanged), Bitcoin's price action saw some volatility. Bitcoin held a crucial support level at $26,700-26,800, its price remained above ₹23,50,000 ($27,000), while Ethereum continued to trade above Rs 1,40,000 ($1,600). Furthermore, US Fed Chair Jerome Powell's announcement of the possibility of another rate hike this year had a notable impact on market dynamics. It's worth mentioning that Bitcoin's market sentiment has now shifted to a neutral stance, marking the first such occurrence this September.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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