Conversely, Ethereum, Solana, Dogecoin, Toncoin, and Cardano saw losses, trading down by up to 2%.
Meanwhile, the global cryptocurrency market cap surged marginally by 0.08% to around $2.37 trillion in the last 24 hours.
Bitcoin was up 0.2% at $64,331 as of 12:13 pm IST, while Ethereum was below the $3,150 level.
Data on Thursday showed that the US economy grew at its slowest pace in nearly two years in the first quarter, while inflation accelerated, dampening hopes that the Federal Reserve would begin cutting interest rates this year.
CoinDCX Research Team, said, “In the last 24 hours, the crypto market saw a downturn as US GDP data came in lower than expected, coupled with concerns over BTC ETF inflows, particularly from BlackRock, which reported zero inflows for the first time.”Meanwhile, Rajagopal Menon, Vice President at WazirX, said, “Currently, BTC faces resistance at $64,500, followed by $65k and $65.5k levels. Surpassing this could take Bitcoin back to $66k levels. The uncertainty in the US economy, especially with the uncertainty of rate cuts this year and a deep correction post halving is acting as major barriers towards BTC’s price increase.”The volume of all stablecoins is now $74.78 billion, which is 94.21% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.268 trillion. Bitcoin’s dominance is currently 53.45%, according to CoinMarketCap. BTC volume in the last 24 hours rose 3.8% to $32 billion.
On the technical front, Edul Patel, CEO of Mudrex, said, “The immediate resistance of Bitcoin lies at the $66,200 level while the support lies at the $63,700 level.”
On the other hand, Ethereum is attempting a recovery above the $3,100 zone, Ethereum must clear the $3,200 to continue higher in the near term, Edul said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
