Bitcoin’s price failed to recover throughout the past 24 hours. Quite the contrary – it continued bleeding out slowly and reached an intraday low at around $21,580 (on Binance).

The majority of the market is also charting mild declines as the trading volume across the board diminishes. However, there are some exceptions.

Bitcoin Slips Further Away From $22K

Bitcoin’s price is currently trading at slightly above $21,600, having charted an intraday low at $21,580 (on Binance). This is a decline of around 1.3% on the day on relatively low volume.

Source: Binance

The volatility picked up on a couple of occasions yesterday but failed to produce any meaningful differences.

The Chairman of the US Federal Reserve – Jerome Powell – testified before the Financial Services Committee and reiterated that the inflationary pressures are currently higher than what the Fed had previously expected. This suggests that another 50bps hike could in play, but it appears that the markets had braced for it beforehand.

That said, BTC increased to around $22,200 but started losing steam since then.

XRP Approaches $0.40

Ripple’s XRP is the most obvious outlier in the past day, as the cryptocurrency has gained around 3% and is now approaching the pivotal level of $0.40. It’s interesting to note that this takes place while the majority of other major coins are trading in the red.

crypto_heatmap_0903231
Source: Quantify Crypto

Ripple is, in fact, the best performer among the top 100 cryptocurrencies by means of total market capitalization, followed by KLAY and Toncoin’s TON.

On the other end of the spectrum, ImmutableX (IMX) and Synthetix Network (SNX) have both lost over 10%, making them the worst performers for the day.

The sentiment across the broader market has declined somewhat considerably over the past 24 hours, and it is now in the fear territory. Yesterday, it was neutral.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

George Georgiev

Source link

You May Also Like

Orbeon Protocol (ORBN) Will Be A Great Alternative To Cosmos (ATOM) And XRP (XRP) | Coinspeaker

Place/Date: – January 18th, 2023 at 5:18 am UTC · 3 min…

Zeebu partners with four telecom carriers making billions in annual revenue

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link…

Is Dogecoin On Life Support? Analyzing Its Recent Price Downturn

Dogecoin (DOGE), the notoriously popular meme-inspired cryptocurrency, is facing a turbulent period…

FTX Collapse: On-Chain Investigator Reveals How Alameda Boosted USDT’s Market Cap | Bitcoinist.com

In an X (formerly Twitter) thread, Coinbase’s director of product strategy &…