Other popular crypto tokens such as BNB (-5.6%), XRP (-7%), Cardano (-5%), Dogecoin (-11%), Shiba Inu (-11.7%), and Polygon (8.2%) declined.
“In the past 24 hours, the crypto market experienced a bearish trend, with both BTC and ETH declining by over 7%. This could be attributed to slightly bearish CPI and PPI data, along with some profit booking. Additionally, for ETH, the Dencun upgrade going live might have triggered a “sell the event” scenario,” said CoinDCX Research Team.
On a similar line, Shivam Thakral, CEO of BuyUcoin, said, “This price action could be linked to the announcement of the Producer Price Index (PPI) by the Fed, which was higher by 0.6% last month. The Fed is signaling that no interest rate cut could be expected at the May meeting.”
The total crypto market volume over the last 24 hours is $184.12 billion, which makes a 34.89% increase. The volume of all stablecoins is now $165.86 billion, which is 90.08% 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, fell to $1.33 trillion. Bitcoin’s dominance is currently 51.58%, according to CoinMarketCap. BTC volume in the last 24 hours surged 51% to $72.5 billion.
“Bitcoin’s technical indicators reveal a bearish outlook as the hourly MACD gains momentum in the bearish zone. The hourly RSI for BTC/USD has dropped below the critical 50 level. Key support levels are identified at $68,500 and $67,000, while resistance levels are noted at $70,500, $72,000, and $73,000,” said Rajagopal Menon, Vice President, WazirX.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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