Cryptocurrency Price Update: Bitcoin Remains Steady as US Federal Reserve Maintains Interest Rates
The US Federal Open Market Committee (FOMC) has made the decision to keep interest rates in the range of 5.25 percent to 5.5 percent, which represents a 22-year high, aligning perfectly with market expectations. Consequently, the broader cryptocurrency market has remained stable, with Bitcoin (BTC) successfully holding above the $27,000 threshold early on Thursday. Leading alternative cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) exhibited only minor fluctuations.
Immutable (IMX) has emerged as the standout performer, surging by an impressive 37 percent in a 24-hour period. The global cryptocurrency market capitalization currently stands at $1.07 trillion, reflecting a marginal 0.52 percent dip over the past day.
Bitcoin (BTC) Price Analysis
Bitcoin is presently valued at $27,013.51, registering a minor 0.34 percent loss within the last 24 hours, as reported by CoinMarketCap. According to data from the Indian exchange WazirX, the price of BTC stands at Rs 23.12 lakh.
Ethereum (ETH) Price Analysis
Ethereum’s price currently sits at $1,621.67, marking a slight 0.88 percent decline over the past day. In the Indian market, Ethereum is trading at Rs 1.42 lakh, according to WazirX.
Dogecoin (DOGE) Price Update
DOGE has witnessed a 0.56 percent gain within the last 24 hours, with its current price at $0.0628, as per CoinMarketCap data. WazirX reports Dogecoin’s price in India as Rs 5.33.
Litecoin (LTC) Price Movement
Litecoin, on the other hand, experienced a 3.08 percent decline over the past 24 hours, currently trading at $64.82. The price of LTC in India stands at Rs 5,536.16, as reported by WazirX.
Ripple (XRP) Price Evaluation
Ripple’s price stands at $0.5176, reflecting a 0.98 percent dip over the past 24 hours. In the Indian market, the price of XRP is reported as Rs 44.50 by WazirX.
Solana (SOL) Price Overview
Solana is currently priced at $20.10, displaying a 24-hour increase of 1.22 percent. As reported by WazirX, SOL is trading at Rs 1,714.10 in India.
Top Cryptocurrency Gainers Today (September 21)
Here are the top five cryptocurrency gainers over the past 24 hours, according to CoinMarketCap data:
Immutable (IMX)
- Price: $0.7534
- 24-hour Gain: 37.29 percent
Astar (ASTR)
- Price: $0.0565
- 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 Cryptocurrency Losers Today (September 21)
The following are the top five cryptocurrency losers over the past 24 hours, based on CoinMarketCap data:
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: $0.0339
- 24-hour Loss: 3.12 percent
Insights from Crypto Exchanges on the Current Market Scenario
Edul Patel, Co-founder and CEO of Mudrex, shared his perspective: “Bitcoin has maintained its position above the $26,900 level following Federal Reserve Chair Jerome Powell’s mention of potential interest rate hikes in the event of a stronger-than-expected economy. The central bank has confirmed its existing benchmark interest rate range of 5.25 percent to 5.50 percent, aligning with market predictions. Meanwhile, Ethereum continues to trade above the $1,600 threshold, and in unrelated news, PayPal has introduced its PYUSD stablecoin to Venmo users.”
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, stated, “Bitcoin has remained relatively stable over the last 24 hours, even as the US Federal Reserve announced a rate hike pause for the second time this year. However, the Federal Open Market Committee (FOMC) has suggested the possibility of one rate hike later this year, followed by rate cuts in 2024. This development may coincide with the Bitcoin halving event and the US presidential elections. Investors are also keeping a close watch on ImmutableX (IMX) today, as Sentiment, an on-chain analytics firm, has observed significant whale activity in IMX, resulting in a price surge of over 30 percent. Other cryptocurrencies involved 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 at WazirX, commented, “The US Federal Reserve has chosen to maintain its current benchmark interest rate within the range of 5.25 percent to 5.50 percent, in line with widespread expectations. However, they have revised their outlook for interest rates in the coming year, indicating a more hawkish stance. Following the announcement, Bitcoin initially exhibited stability around the $27,000 mark but later experienced a minor dip. On WazirX, Loom Network (LOOM) and Mask Network (MASK) have emerged as the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, added, “The Federal Reserve’s decision to maintain US benchmark interest rates at 5.25-5.5 percent led to a modest 1 percent drop in Bitcoin (BTC), bringing it to approximately $27,000, though it remained near its monthly highs. However, 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.’ Among the revised projections, 12 out of 19 Fed policymakers anticipate a 25 basis point rate hike later this year. Additionally, the Fed’s updated outlook indicates only two rate cuts in 2024, down from the previous estimate of four. Moreover, the Fed has raised
its growth forecast for the US economy to 2.1 percent, reflecting increased confidence in achieving a ‘soft landing.'”
Atulya Bhat, CMO at BuyUcoin, noted, “The US Federal Reserve’s decision not to increase interest rates in its latest FOMC meeting has brought relief to global markets. However, the possibility of future rate hikes has not been ruled out, with hints that another rate hike may occur towards the end of 2023. The cryptocurrency market displayed a muted response to the news, with BTC and ETH remaining relatively stable over the past 24 hours. Rising crude oil prices and geopolitical uncertainty may act as dampeners for the crypto market.”
The CoinDCX Research Team shared their insights, stating, “Following the recent announcement by the Federal Open Market Committee (FOMC) to maintain interest rates between 5.25 percent and 5.50 percent (unchanged), Bitcoin experienced some price volatility. Bitcoin successfully held a critical support level at $26,700-26,800, with its price remaining above ₹23,50,000 ($27,000), while Ethereum continued trading above Rs 1,40,000 ($1,600). Furthermore, Jerome Powell’s mention of the possibility of another rate hike this year had a noticeable impact on market dynamics. It is noteworthy that Bitcoin’s market sentiment has now shifted to a neutral stance, marking the first such occurrence this September.”
Please note that crypto products and NFTs are unregulated and inherently risky. There may be no regulatory recourse in the event of losses from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are strongly advised to seek expert guidance and carefully review the offer documents and related literature before making any investments. Predictions regarding the cryptocurrency market are speculative, and all investments are made at the sole discretion and risk of the reader.
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