Altcoins
Cryptocurrency Prices June 14: Bitcoin Falls Below $67,000; Altcoins fall 3%
Bitcoin saw a slight decline, falling below $67,000, as investors pondered the outlook for US rates after the Federal Reserve tempered its rate cut forecasts, even though inflation was lower than expected .
At 11:58 IST, Bitcoin was trading 0.74% lower at $66,955.
“Bitcoin fell to $66,000 as investors and traders reacted to a hawkish interest rate outlook. The U.S. central bank kept rates unchanged on Wednesday and forecast only one cut rate this year, contributing to the decline of bitcoin,” said Edul Patel, CEO of Mudrex.
Cryptocurrency Tracker
Meanwhile, the second largest cryptocurrency in value, Ethereum jumped 0.4% to $3,514 after SEC Chairman Gary Gensler said Ether ETFs should be fully approved by September 2024. According to CoinSwitch Markets Desk, the final requirements Registration for ETFs is progressing smoothly at the staff level, suggesting an imminent listing of new ETFs, allowing investors to easily trade funds containing real Ether.Read also: Can Bitcoin hit the $100,000 mark in 2024? Here’s what the experts say
On the other hand, various other crypto tokens including Solana, XRP, DogecoinCardano, Shiba Inu, Avalanche, Polkadot, Chainlink and Polygon, faced a 3% decline.
Volume across all stablecoins now stands at $65.03 billion, or 93.28% of the total 24-hour crypto market volume, according to CoinMarketCap.
Read also: Trump says he wants all remaining Bitcoins made in the United States
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1,318 billion. Bitcoin dominance is currently at 54.18%, according to CoinMarketCap. BTC volume over the past 24 hours fell 25.57% to $26.74 billion.
“Bitcoin faces immediate resistance at $70,000 and support at $66,000 with a downtrend as the price remains below the 50-day EMA at $68,800 and RSI at 44,” Sathvik said Vishwanath, co-founder and CEO of Unocoin.
At the same time, the global cryptocurrency market capitalization also saw a 0.6% decline, hovering around $2.44 trillion over the past 24 hours.
(Disclaimer: Views expressed by experts are their own and do not necessarily reflect those of The Economic Times)