Bitcoin (BTC) and Ethereum (ETH), two of the most popular crypto coins in the world, snapped their streaks early Thursday morning following an increase in interest rates by the US Federal Reserve. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) — landed in the reds across the board. Litecoin (LTC), on the other hand, emerged to be the biggest gainer of the lot, with a 24-hour jump of over 7 percent.
The global crypto market cap stood at $1.15 trillion at the time of writing, registering a 24-hour loss of 3.03 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $27,448.87, registering a 24-hour loss of 2.73 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 24.25 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,740.93, marking a 24-hour dip of 3.49 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.53 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour loss of 3.20 percent, as per CoinMarketCap data, currently priced at $0.07394. As per WazirX, Dogecoin price in India stood at Rs 6.49.
Litecoin (LTC) price today
Litecoin saw a 24-hour jump of 7.13 percent. At the time of writing, it was trading at $87.70. LTC price in India stood at Rs 7,527.51.
Ripple (XRP) price today
XRP price stood at $0.4207, seeing a 24-hour loss of 8.73 percent. As per WazirX, Ripple price stood at Rs 36.99.
Solana (SOL) price today
Solana price stood at $21.35, marking a 24-hour dip of 4.50 percent. As per WazirX, SOL price in India stood at Rs 1,963.
Top crypto gainers today (March 23)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Litecoin (LTC)
Price: $87.99
24-hour gain: 7.34 percent
Aptos (APT)
Price: $12.63
24-hour gain: 4.13 percent
Stacks (STX)
Price: $1.14
24-hour gain: 3.43 percent
Flare (FLR)
Price: $0.0316
24-hour gain: 3.42 percent
SingularityNET (AGIX)
Price: $0.04847
24-hour gain: 2.66 percent
Top crypto losers today (March 23)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Huobi Token (HT)
Price: $3.62
24-hour loss: 10.14 percent
TRON (TRX)
Price: $0.06102
24-hour loss: 9.11 percent
Kava (KAVA)
Price: $0.8654
24-hour loss: 8.55 percent
Ripple (XRP)
Price: $0.423
24-hour loss: 8.40 percent
MAGIC (MAGIC)
Price: $1.73
24-hour loss: 7.71 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Following the announcement of a 25 basis point-increase in interest rates by the US Federal Reserve and their emphasis on prioritising inflation despite the recent banking crisis, most cryptocurrencies experienced a decline. Bitcoin's value dropped below $27,000 after the decision but has since risen to $27,300. On Wednesday, BTC's price surged to $28,700, its highest point since June, as some investors hoped that the Fed would cease its hawkish interest rate hikes in light of recent bank failures.”
Kunji founder Anurag Dixit offered his take, “The price of Bitcoin experienced a significant pullback following the release of a statement from the US Federal Reserve regarding interest rates. The Fed announced that while they are committed to supporting the economic recovery, they believe that raising interest rates aggressively may not be appropriate at this time. This caused some uncertainty and volatility in the market, leading to Bitcoin's price briefly dropping by over 7 percent to now stabilizing in the $27,300 range."
WazirX Vice President Rajagopal Menon said, “Bitcoin and most major cryptos saw a price decline after the Federal Reserve raised interest rates by 25 basis points, prioritising inflation over recent banking crises. Investors hoped for a more dovish approach from the Fed after the banking crisis, but the central bank chose to raise interest rates, causing Bitcoin to dip below $27,000 and Ether to fall to $1,737.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “The US Federal Reserve announced a quarter percentage point hike in key interest rates at its latest meeting on Wednesday. The federal funds rate is now 4.75 percent - 5 percent. However, in light of the recent turmoil in the financial sector following the collapse of two banks, the Fed has signalled that it will hold off on further rate hikes. As a result, the market saw prices drop, with BTC falling from $28,900 to $27,300, ETH to $1,740, ADA down 20 cents to around $0.35, and BNB trading at $320.”
Shivam Thakral, the CEO of BuyUCoin, said, “The Bitcoin rally was interrupted by the interest rate hike of 25 basis points announced by the Fed in the latest FOMC meeting. BTC and ETH dropped by 2.48 percent and 3.11 percent, respectively, while other digital assets followed a similar trend. The evolving banking situation in the US is making investors jittery and markets are expected to remain choppy in the coming weeks.”
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.