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BTC Slips To $63K Post FOMC, Altcoins Mirror Downtrend

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2 months ago

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The crypto prices today have embarked upon a concerning bearish trajectory following the recent U.S. FOMC meeting wherein the Federal Reserve kept interest rates unchanged at 5.25%-5.50%. Bitcoin (BTC) price slipped to a $63K low over the past day, whereas Ethereum (ETH), Solana (SOL), and XRP mimicked a downside price action.

Moreover, the global crypto market cap plunged 3.42% to $2.3 trillion today. However, the total crypto market volume over the past day witnessed an 18.85% increase to $74.68 billion.

Below is a collection of some of the highest-ranking cryptocurrencies by market cap and their price movements today, August 1.

Crypto Prices Today

Bitcoin Price

Bitcoin price appears to have encountered significant selling pressure with the July 31 FOMC meet conclusion. At press time, BTC rested at $63,977.60, a dip of 3.20% over the past day. Its 24-hour lows and highs were $63,746.01 and $66,810.21, respectively.

Despite massive BTC accumulations recorded recently, the crypto’s bearish turn post-FOMC has ignited investor concerns. Nonetheless, with September rate cut expectations rising, long-term prospects remain optimistic.

Besides, Bitcoin’s dominance saw a 0.10% fall to 54.79% today. Moreover, BTC liquidations soared to $56 million today, sparking additional discussions post-FOMC.

BTC Price August 1
Source: CoinMarketCap

Ethereum Price

The ETH price tumbled 3.47% in the past 24 hours to reach $3,180.86. Its 24-hour bottoms and peaks were recorded to be $3,173.48 and $3,347.64, respectively.

Ethereum’s price fall comes in alignment with the broader market sentiment and the Fed’s dovish stance. Also, despite the ETH ETFs noting inflows, a bolstered movement is yet to be seen.

ETH Price August 1

Solana Price

The SOL price witnessed a 6.99% dip in value today, reaching $167.45. Its 24-hour lows and peaks were recorded as $168.75 and $184.18, respectively.

Intriguingly, a potential Solana ETF looming over the horizon has sent the crypto town abuzz.

Crypto SOL Price August 1

XRP price

Meanwhile, the XRP price slipped back to the $0.61 level today, down 6.40% in the past 24 hours. The coin’s 24-hour bottoms and highs were recorded as $0.6096 and $0.6556, respectively.

Crypto XRP price August 1

DOGE and SHIB Prices

Simultaneously, the dog-themed meme coins mirrored a waning momentum. Dogecoin price slipped 3.33% over the past day to reach $0.1212 as of writing. Shiba Inu’s price fell 2.45% to $0.00001594 in the interim.

Also, PEPE, WIF, BONK, and FLOKI were down 3%-10%.

Also Read: Bitcoin Reserve Bill Published By Senator Cynthia Lummis

Crypto Gainers Today

Beam (BEAM) price surged 6.31% to $0.01878.
Kaspa (KAS) price ralied 2.11% to $0.2023.
Notcoin (NOT) price soared 1.70% to $0.01308.
eCash (XEC) price jumped 1.35% to $0.00003896.

Crypto Losers Today

Popcat (POPCAT) price dipped 12.66% to $0.6471.
Mog Coin (MOG) price fell 11.04% to $0.051799.
dogwifhat (WIF) price tanked 9.48% to $2.10.
THORChain (RUNE) price cracked 7.71% to $4.20.

Besides, upon gauging in on the hourly time frame charts, it can be seen that a bearish movement engulfs BTC and altcoins. Nonetheless, market enthusiasts continue to look extensively at the crypto prices today for future shifts.

Also Read: Ex-PayPal Exec David Marcus Pledges Support To Donald Trump

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?

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5 hours ago

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September 19, 2024

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A crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings amid the recent price surge in the market. The digital asset market notched increased sentiments following interest rate cuts by the Federal Reserve. However, some users point to profit taking which can reduce the projected uphill movement.

PEPE Whale Dumps Assets 

A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold  $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively. 

According to crypto analysts, the trader suffered losses at some point to due price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the wider market faced a slight correction. Following the Federal Reserve’s decision to slash policy rates by 50 BPS on Sept 18, prices of crypto assets surged leading to traders looking to make a profit. 

Generally, whale movements send a bearish signal to the market due to their total number of holdings with smaller traders moving in the same direction. Recently, the market has seen similar movements from traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million worth of ETH sparking negative pressure. 

What’s Next For The Assets? 

The crypto market is soaring off the Fed’s decision to cut interest rates. Several traditional investors projected growth in the market after the September rate cuts as funds flow to risky assets. At press time, the total market cap is up 6% with the market cap hitting $2.1 trillion. In the last 24 hours, PEPE surged 13%, alongside other meme coins.

FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators point to increased gains in the price of crypto assets as macro factors flip positive.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance CEO Says Institutional Investors Grew 40% This Year

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13 hours ago

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September 19, 2024

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Binance CEO Richard Teng has revealed that the crypto exchange’s institutional and corporate investors grew by 40% this year. This development again highlights how much institutions have continued to gain exposure to crypto assets, especially since the spot Bitcoin and Ethereum ETFs launched.  However, Richard Teng is confident that institutional crypto adoption is just getting started.

Binance CEO Says Exchange Recorded 40% Growth

Teng revealed during an interview at the Token2049 conference in Singapore that the crypto exchange has recorded a 40% increase in institutional and corporate investors this year. However, he added that institutional allocation to crypto is just the tip of the iceberg and is only getting started.

The Binance CEO expects that more institutions will crypto to invest in crypto assets as time goes on. He added that many of them are still doing their due diligence, which is holding them back from gaining exposure to these digital assets.

Richard Teng believes that regulatory clarity will provide certainty to these institutions and other mainstream users, increasing liquidity in the crypto space. Meanwhile, he highlighted the effect of institutions investing in crypto assets as one of the reasons why Bitcoin hit a new all-time high (ATH) of $73,000 earlier in March.

Indeed, these institutions played a major role in Bitcoin hitting a new ATH before the halving event. The approval of the Spot Bitcoin ETFs in January this year caused new money from these institutions to flow into the BTC ecosystem. These inflows ultimately led to a parabolic price rally for the flagship crypto, reaching $73,000.

Spot Bitcoin ETFs Are Far From Their Peak

Nate Geraci, the President of the ETF Store, shared a sentiment similar to the Binance CEO when he recently suggested that the Spot Bitcoin ETFs have yet to reach their peak. SoSoValue data shows that the Bitcoin ETFs have recorded net inflows of $17.44 billion since they launched. BlackRock and Fidelity, the most successful ETF issuers, already have over $21 billion and $10 billion in assets under management (AUM).

However, Geraci is confident they can still achieve much more success, noting that most wirehouses have yet to approve these Bitcoin ETFs. These wirehouses refer to major brokerage firms that have a global reach. Therefore, just like the Binance CEO predicts, more institutional investors will continue to allocate to crypto as time passes.

It is worth mentioning that other crypto ETFs besides Spot Bitcoin and Ethereum ETFs could launch soon enough. Asset managers VanEck and 21 Shares already filed to offer a Spot Solana ETF. Meanwhile, Grayscale has launched its Grayscale XRP Trust, which the asset manager could eventually convert to a Spot XRP ETF.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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SOL Price Jumps 5% As Solana Seeker Mobile Goes Live With AI Features

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17 hours ago

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September 19, 2024

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SOL, the native cryptocurrency of the Layer-1 blockchain Solana, has surged by 6% in the last 24 hours amid a huge announcement regarding Solana Mobile 2.0. As a result, the SOL price once again moved closer to $140. This Web3 mobile device from Solana – Solana Seeker – comes with an enhanced and secure vault facility as well as new AI features.

SOL Price Shoots Amid Major Announcement

The SOL price is currently trading 5.97% up at $138.8 with a market cap of $65 billion. As we know, the Solana Price has been flirting around $150 levels over the past five months as the meme coin mania on the Layer-1 blockchain fades while shifting to the Tron blockchain network.

Currently, there’s been a huge FUD in the market over Solana’s economic design which has been putting some selling pressure on the SOL cryptocurrency. Some reports also suggested that Solana would be the next Terra LUNA. But Cyber Capital founder and CIO Justin Bons called out this fear-mongering calling these concerns as exaggerated and baseless.

Currently, the SOL price is trading at crucial support levels breaking which could lead to a major correction. Popular trader Peter Brandt shared his observation about Solana while warning that if the support level fails, it will trigger the completion of a larger rectangular consolidation pattern, while potentially driving the SOL price down to $80.

Solana Seeker Mobile 2.0 – What It Offers?

In the latest announcement earlier today, Solana Mobile announced the launch of the Solana Seeker Mobile 2.0, a next-generation Web3 mobile device. This new handset seamlessly integrates hardware and software while offering a lighter and brighter build with an improved camera and longer battery life at a more accessible price.

The Solana Seeker Mobile comes along with the new Seed Vault Wallet developed in partnership with Solflare Wallet. This mobile-first wallet hosts features like double-tap transactions, secure self-custody, and a smooth user experience.

Moreover, Solana has also updated its Mobile dApp Store for improved user navigation and mobile tracking. The Seeker mobile device provides exclusive web3 experiences, including DeFi, payments, NFTs, and games. It also comes along with the Seeker Genesis Token, granting VIP access to content and rewards within the Solana ecosystem. The community is looking forward to how the Seeker token would potentially impact the SOL price ahead.

As the Solana Seeker Mobile offers connections to dApps, DeFi, and more, builders can leverage the growing interest in the Solana community. Recently, Solana also unveiled a major update for the Solana developer community with the ZK Compression going live.

Seeker also extends Solana’s AI integration, with tokenized AI agents interacting on-chain for new engagement possibilities. Moreover, users can earn using DePIN apps such as Helium Mobile, which gives exclusive coverage and network mapping opportunities.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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