Cryptocurrency Price Today: Bitcoin, Other Top Coins See Bloodbath Following US Fed Rate Pause
Cryptocurrency price on June 15 quick take: The global market cap dipped down to $1.03 trillion.
Bitcoin (BTC), the oldest and the most valued cryptocurrency in the world, dipped below the $26,000 mark on Thursday following US Federal Reserve’s decision to pause the rate hike at 5.25 percent for the first time since March 2022. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw bloodbath in prices across the board. Trust Wallet Token (TWT) managed to become the top gainer, with a 24-hour jump of over 8 percent. Curve Dao Token (CRV), on the other hand, became the biggest loser, with a 24-hour loss of over 11 percent.
The global crypto market cap stood at $1.03 trillion at the time of writing, registering a 24-hour dip of 3.21 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $25,028.42, registering a 24-hour dip of 3.61 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 22.44 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,649.07, marking a 24-hour loss of 5.54 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.49 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 3.04 percent, as per CoinMarketCap data, currently priced at $0.0601. As per WazirX, Dogecoin price in India stood at Rs 5.40.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 6.13 percent. At the time of writing, it was trading at $73.08. LTC price in India stood at Rs 6,747.78.
Ripple (XRP) Price Today
XRP price stood at $0.4812, seeing a 24-hour dip of 6.51 percent. As per WazirX, Ripple price stood at Rs 43.50.
Solana (SOL) Price Today
Solana price stood at $14.94, marking a 24-hour loss of 2.26 percent. As per WazirX, SOL price in India stood at Rs 1,398.78.
Top Crypto Gainers Today (June 15)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Trust Wallet Token (TWT)
Price: $0.8171
24-hour gain: 8.08 percent
Uniswap (UNI)
Price: $4.53
24-hour gain: 5.48 percent
Tezos (XTZ)
Price: $0.7483
24-hour gain: 1.84 percent
Algorand (ALGO)
Price: $0.1144
24-hour gain: 0.95 percent
Gemini Dollar (GUSD)
Price: $0.9966
24-hour gain: 0.375 percent
Top Crypto Losers Today (June 15)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Curve DAO Token (CRV)
Price: $0.5759
24-hour loss: 11.63 percent
Sui (SUI)
Price: $0.6408
24-hour loss: 8.90 percent
Stacks (STX)
Price: $0.4823
24-hour loss: 7.97 percent
Aave (AAVE)
Price: $51.05
24-hour loss: 7.92 percent
Immutable (IMX)
Price: $0.5767
24-hour loss: 7.67 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin saw a decline on Wednesday, dropping to approximately $24,990, a level not witnessed since March. This decrease came as a result of a hawkish announcement from the US Federal Reserve, contributing to an already turbulent week. Within the past 24 hours, BTC has experienced a dip of over 3 percent and is currently trading at around $25,000. Over the course of the last five days, it has been on a downward trajectory, resulting in an overall 8 percent decrease for the month. Immediate resistance for BTC is observed at the $25,200 level, while support can be found at $24,800.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “Market’s reaction could be attributed to comments by the US Feds. As expected by the market, the Federal Reserve has kept the rate unchanged at 5.25 percent, pausing the rate hikes for the first time since March 2022 in a unanimous decision. Although the Fed chair Jerome Powell has tempered expectations of interest rate reductions this year, it is probable that there will be increases in interest rates in the future in order to control inflation.”
Rajagopal Menon, Vice President, WazirX, offered his take, "Bitcoin bounced back to $25,000 after a dip triggered by fears of future central bank tightening. Markets awaited the US Fed's rate decision and digested SEC lawsuits against Binance and Coinbase. On WazirX, Dock (DOCK) and Quant (QNT) have been the top gainers in the last 24 hours."
Sathvik Vishwanath, CEO and co-founder, Unocoin said, “The Federal Reserve's recent decision to hold off on raising interest rates ends a streak of 10 consecutive hikes. Median expectations revealed in the dot chart suggest a projected 5.6 percent funds rate through the end of 2023, suggesting the possibility of two more hikes later this year. The upcoming July meeting will depend heavily on economic news to shape future policy decisions. Meanwhile, the current state of the cryptocurrency market shows the price of Bitcoin at $25,246, which has seen a decrease of 3 percent in the last 24 hours. With a market cap of $489 billion, Bitcoin remains the highest-valued cryptocurrency. The BTC/USD pair is in a downtrend and has broken below the $25,650 double-bottom support level. A bearish engulfing candlestick formation suggests a potential continuation of the selling trend with immediate support around $24,350.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market witnessed a wider sell-off in the last 24 hours due to which BTC and ETH slipped by 3.54 percent and 5.43 percent, respectively. Most of the altcoins were also trading in red with the overall market cap hovering around the $1.02 trillion mark at the time of writing. It is important to note that Fed has left the interest rates unchanged for the first time but hinted towards tightening monetary policy to put the economy back on track.”
CoinDCX Research Team told ABP Live, “Despite regulatory challenges in the US crypto industry, Bitcoin has managed to hold above a significant support level of $25,200-$25,400. Despite the recent actions taken by the Securities and Exchange Commission (SEC) against major players in the industry, Bitcoin has shown resilience. Interestingly, amidst the ongoing bear market and regulatory challenges in the US, Tether (USDT) has achieved a new milestone by reaching an all-time high supply of 83.36 billion USDT, indicating a sustained demand for stablecoin despite the prevailing market conditions. As the crypto industry continues to navigate the current scenario, the resilience of stablecoins like Tether highlights their importance and potential to provide stability and liquidity in the market.”
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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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