Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, briefly managed to rise above the $43,000 mark before dipping below once again early Thursday. The US Fed’s call to maintain interest rates appears to have lent a sense of stability in prices. Other top coins, including the likes of — Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw minor losses across the board. The SATS (1000SATS) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 5 percent. Jupiter (JUP), on the other hand, became the biggest loser, with a 24-hour dip of over 60 percent.
The global crypto market cap stood at $1.51 trillion at the time of writing, registering a 24-hour dip of 8.43 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $42,051.28, registering a 24-hour dip of 2.05 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 37.14 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,255.67, marking a 24-hour dip of 3.65 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.01 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 1.82 percent, as per CoinMarketCap data, currently priced at $0.07864. As per WazirX, Dogecoin price in India stood at Rs 6.94.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 2.01 percent. At the time of writing, it was trading at $66.47. LTC price in India stood at Rs 5,828.
Ripple (XRP) Price Today
XRP price stood at $0.4974, seeing a 24-hour loss of 2.59 percent. As per WazirX, Ripple price stood at Rs 44.10.
Solana (SOL) Price Today
Solana price stood at $93.90, marking a 24-hour dip of 7.24 percent. As per WazirX, SOL price in India stood at Rs 8,800.09.
Top Crypto Gainers Today (February 1)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
SATS (1000SATS)
Price: $0.0005251
24-hour gain: 5.56 percent
Monero (XMR)
Price: $167.14
24-hour gain: 4.44 percent
ORDI (ORDI)
Price: $61.65
24-hour gain: 1.89 percent
Chiliz (CHZ)
Price: $0.1017
24-hour gain: 1.52 percent
Ronin (RON)
Price: $2.76
24-hour gain: 1.45 percent
Top Crypto Losers Today (February 1)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Jupiter (JUP)
Price: $0.6343
24-hour loss: 60.33 percent
Sei (SEI)
Price: $0.6222
24-hour loss: 12.87 percent
Manta Network (MANTA)
Price: $2.95
24-hour loss: 12.26 percent
Celestia (TIA)
Price: $15.88
24-hour loss: 8.83 percent
OKB (OKB)
Price: $47.48
24-hour loss: 8.77 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin experienced a decline below the $43,000 threshold following the US Federal Reserve’s decision to maintain interest rates, fueled by investor expectations of a possible rate cut in March. Despite a brief surge, Bitcoin couldn’t sustain the momentum. Despite attempts by bears to push the price down, bulls defended the territory above $42,000. Ethereum is trading in line with Bitcoin, and there’s a likelihood it will oscillate between $2,100 and $2,400 in the near future.”
CoinSwitch Markets Desk noted, “Bitcoin is headed for a third consecutive red day, trading near the $42k mark even as the Federal Reserve of the US kept the interest rates unchanged — exactly as per the expectation of the market. However, after Fed Chair Jerome Powell’s comments yesterday, several big analysts like Goldman Sachs are now predicting that the Fed will start cutting rates from May this year instead of March, which could be a big reason why bears have taken some control in shorter time frames. In larger time frames, however, the BTC structure remains bullish and the current trend line supports remain at $39.3k.”
Rajagopal Menon, Vice President, WazirX, said, “The Federal Reserve’s decision to maintain interest rates thwarted expectations of cuts, impacting Bitcoin’s valuation, now potentially encountering resistance at $40,000. The next hurdle for Bitcoin lies at $40,000 before a potential easing of selling pressure. A surge in demand, driven by reduced supply through BTC ETF access, could be the forthcoming catalyst. Currently, Bitcoin has registered a 2.25% decline in the last 24 hours, settling at $41,998.72, with a 4.79% gain over the past week. Ethereum trades at $2,257.09, reflecting a 3.59% drop in 24 hours but a 1.06% increase over the week. Bitcoin’s technical indicators present a mixed outlook. Moving averages signal a “Buy,” while the Ichimoku Base Line remains neutral. RSI at 49 suggests a neutral stance, with Stochastic %K at 75 and ADX at 16 reflecting neutrality. MACD at -173 indicates a “Buy,” while Stochastic RSI and William’s Percentage suggest a neutral outlook.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin’s recent drop below $43,000 followed a hawkish stance by Federal Reserve Chairman Jerome Powell, suggesting a March rate cut is unlikely. This stance prompted a market reevaluation, reducing the likelihood of an imminent rate cut. However, the broader economic environment favours Bitcoin in 2024 with expectations of a possible Fed rate cut, which traditionally boosts cryptocurrencies. Amid short-term fluctuations, investor confidence persists, supported by several optimistic factors. The emergence of spot bitcoin ETFs, along with massive demand for new offerings from BlackRock and Fidelity, is easing selling pressures. Additionally, expectations surrounding the April halving of Bitcoin and potential supportive US political and fiscal dynamics add to the bullish outlook. Despite the near-term uncertainty, Bitcoin’s price trajectory is set for a potential rally to the low $50,000s, outweighing the prospect of a dip to the low $30,000s in the foreseeable future.”
Shivam Thakral, CEO, BuyUcoin, noted, “The Crypto market witnessed a fresh decline due to the unchanged interest rates by the Fed. The bullish momentum marked by decrease in grayscale sales and increase in BTC ETF offerings eventually led to a downward trend caused by the unchanged interest levels which represent the 2023 high levels. The Altcoin market also took a downturn which could change unlesss Ethereum breaches $2500 amid other positive macroeconomic factors.”
CoinDCX Research Team told ABP Live, “Over the past 24 hours, the crypto market experienced a shift from positive to slightly bearish conditions, triggered by the Federal Reserve’s decision to maintain unchanged interest rates. BTC, positioned within its range, is currently situated in the middle, with the rising dominance of BTC causing declines in most of the altcoins. ETH reflects a parallel situation, trading within its established range. Additionally, the market sentiment is influenced by the regular movement of funds through ETFs, contributing to the overall market dynamics.”
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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.
