Bitcoin Price Plummets Below $27,000: Shocking Terra Classic Triumph Unveiled!

Today’s Cryptocurrency Market Update: Bitcoin Slides Below $27,000, Terra Classic Emerges as Leading Performer

Bitcoin (BTC), the venerable cornerstone of the cryptocurrency realm, has gracefully descended beneath the $27,000 threshold. Simultaneously, Ethereum (ETH) relinquished its hold on the $1,600 pinnacle earlier today. The catalyst behind these fluctuations appears to be the pronouncement issued by Jerome Powell, the Chair of the United States Federal Reserve, regarding the potential escalation of interest rates. Notably, various prominent alternative cryptocurrencies, such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), navigated a lateral trajectory across the market landscape.

In a remarkable turn of events, Terra Classic (LUNC) has ascended to prominence as the most substantial gainer, boasting an impressive 24-hour surge exceeding 5 percent.

At the time of composing this update, the global cryptocurrency market cap stands at an esteemed $1.06 trillion, having experienced a slight 24-hour decline of 1.33 percent.

Current Bitcoin (BTC) Status:

Bitcoin is presently valued at $26,640.35, having undergone a 24-hour setback of 1.53 percent, according to CoinMarketCap. Meanwhile, WazirX, an Indian cryptocurrency exchange, reports a Bitcoin price of Rs 23.02 lakh.

Present Ethereum (ETH) Standing:

Ethereum is quoted at $1,594.62, demonstrating a 24-hour dip of 1.73 percent at the time of this composition. WazirX discloses an Ethereum price in India at Rs 1.39 lakh.

Dogecoin (DOGE) in the Current Climate:

Dogecoin has incurred a 24-hour loss of 2.01 percent, as indicated by CoinMarketCap data, and is currently trading at $0.06164. Its price in India, as per WazirX, stands at Rs 5.27.

Litecoin (LTC) Performance Snapshot:

Litecoin has witnessed a modest 24-hour gain of 0.25 percent and is presently transacting at $65.06. Its price in India, according to WazirX, is recorded at Rs 5,460.12.

Ripple (XRP) Pricing Assessment:

XRP’s price stands at $0.513, experiencing a 24-hour downturn of 0.76 percent. According to WazirX, Ripple’s price in India is listed at Rs 43.59.

Solana (SOL) in the Current Crypto Landscape:

Solana is currently valued at $19.71, marking a 24-hour loss of 2.17 percent. WazirX reports Solana’s price in India as Rs 1,700.

Noteworthy Crypto Gainers Today (September 22):

Based on CoinMarketCap data, here are the top five crypto gainers in the past 24 hours:

Terra Classic (LUNC)

• Price: $0.00006156
• 24-hour gain: 5.69 percent

THORChain (RUNE)

• Price: $1.79
• 24-hour gain: 1.16 percent

Zcash (ZEC)

• Price: $26.35
• 24-hour gain: 0.60 percent

UNUS SED LEO (LEO)

• Price: $3.88
• 24-hour gain: 0.60 percent

Frax Share (FXS)

• Price: $5.38
• 24-hour gain: 0.45 percent

Prominent Crypto Losers Today (September 22):

According to CoinMarketCap data, here are the top five crypto losers in the past 24 hours:

Immutable (IMX)

• Price: $0.6684
• 24-hour loss: 9.75 percent

MultiversX (EGLD)

• Price: $25.81
• 24-hour loss: 7.17 percent

Lido DAO (LDO)

• Price: $1.49
• 24-hour loss: 5.47 percent

Gala (GALA)

• Price: $0.01326
• 24-hour loss: 5.21 percent

XDC Network (XDC)

• Price: $0.05158
• 24-hour loss: 5.06 percent

Insights from Crypto Exchanges on the Present Market Scenario:

Edul Patel, Co-founder, and CEO of Mudrex, commented, “Bitcoin has remained relatively stable over the past 24 hours, primarily responding to statements made by Jerome Powell, Chair of the US Federal Reserve, regarding the potential for increased interest rates. Concurrently, market participants are closely monitoring the US benchmark 10-year note yields, which have surged to 4.49 percent, the highest level since November 2007. Meanwhile, Ethereum has experienced a decline in price but remains above the $1,550 threshold.”

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, remarked, “Remarks made by the US Federal Reserve on monetary policy seem to have triggered a sell-off among investors across various markets, including the cryptocurrency space. According to CoinGecko, the global cryptocurrency market capitalization has dipped by 1.5 percent but still remains above the $1 trillion mark. The crypto fear and greed index has re-entered the ‘fear’ zone, dropping by 4 points since yesterday, and currently registers a score of 43/100. The top 50 cryptocurrencies by market capitalization are showing losses, with BTC down by 1.6 percent in the last 24 hours and currently trading below its support level of $27,000. ETH has also experienced a 2.0 percent decline, trading below its support at $1,600.”

Rajagopal Menon, Vice President at WazirX, expressed, “Despite prevailing macroeconomic pressures, Bitcoin may find support from ongoing applications for spot Bitcoin exchange-traded funds (ETFs) in the US, with a 70 percent probability of approval by the SEC within the next six months, potentially leading to a substantial 20 percent price surge.”

Atulya Bhat, Chief Marketing Officer at BuyUcoin, noted, “Bitcoin has slipped below the $27,000 mark following hints from the Fed chief about a more stringent monetary policy and the possibility of prolonged higher interest rates to combat inflation. Increased interest rates may deter borrowing activities and potentially lead to a liquidity crunch. Simultaneously, ETH, the foremost alternative cryptocurrency, has descended below the $1,600 level during the same timeframe and is currently trading at $1,593.24.”

The CoinDCX Research Team offered their perspective, stating, “Over the last 24 hours, Bitcoin has experienced a decline of 1.40 percent, presently standing at Rs 23,65,000 ($26,600). This drop in Bitcoin’s value has coincided with a retreat in global stock markets, as investors reacted to cautious statements made by the US Federal Reserve regarding their monetary policies. Additionally, we have observed an upswing in 10-year U.S. Treasury yields, reaching the highest point in 16 years. This development

likely influenced the overall behavior of financial markets.”

[Disclaimer: Cryptocurrency products and NFTs are unregulated and carry significant risks. There may be no regulatory recourse for losses incurred through such transactions. Cryptocurrency is not recognized as legal tender and is subject to market volatility. Readers are strongly advised to seek expert guidance and thoroughly review offering documents and related literature before making any form of investment. Predictions regarding cryptocurrency markets are speculative, and any investments made are solely at the readers’ discretion and risk.]