Cryptocurrency Price Today: Bitcoin, Ether Post Losses as US Decides to Keep Interest Rates Unchanged

The cryptocurrency price chart mainly reflects losses on Thursday, February 1. Bitcoin posted a loss of 2.28%, pushing its price below the recently claimed price point of $42,400 (around Rs. 35 lakh). At the time of writing, BTC was trading at $42,020 (around Rs. 34.8 lakh). Commenting on the situation, the CoinDCX team told Gadgets360 that the cryptocurrency market has seen a shift from positive to slightly bearish conditions over the past 24 hours, triggered by the Federal Reserve’s decision to keep interest rates unchanged.

Ether followed suit and got behind Bitcoin. Recording a loss of 3.78%, Ether value currently stands at $2,258 (approximately Rs. 1.87 lakh).

“BTC, positioned within its range, is currently in the middle, with the increasing dominance of BTC causing dips in most altcoins. ETH reflects a parallel situation, trading within its established range. Furthermore , market sentiment is influenced by the regular movement of funds through ETFs, which contributes to the overall market dynamics,” the CoinDCX report states.

Most cryptocurrencies recorded losses on Thursday. These include Cardano, Avalanche, Dogemoneta, Polka dot, Chain shirtAND Polygon.

Other cryptocurrencies that have shown price drops include Binance coin, Solana, Ripple, Bind, Currency in USDAND Leo.

“The Fed’s decision to maintain interest rates dealt a severe blow to forecasts of cuts, impacting the value of Bitcoin. The next catalyst could be increased demand with less supply due to access to BTC ETFs which could cause a surge in prices. Technical indicators for Bitcoin present a mixed picture. The moving averages signal a ‘buy’, while the Ichimoku baseline remains neutral,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

The overall cryptocurrency market valuation has dropped significantly by 8.35% in the last 24 hours. The overall capitalization of the cryptocurrency market stands at $1.51 trillion (approximately Rs. 1,25,30,410 crore), according to CoinMarketCap.

Tron, Monero, Iota, Brain trustAND Dogefi meanwhile, it managed to reflect small gains.

“More great news has come for bankrupt exchange FTX where in a court hearing FTX’s lawyer said that they expect FTX customers to be paid in full, which largely means if a customer held 1 BTC when its price was around $16,000 (around Rs 13.2 lakh), they will get the full $16,000 back and not 1 BTC. However, they believe it is unlikely that the exchange will resume operations Cryptocurrency lender Celsius has emerged from bankruptcy and will begin distributing over $3 billion in assets to its creditors,” CoinSwitch Markets Desk told Gadgets360.

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