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Crypto Today: Bitcoin Below $28,000; Ethereum $1,850; XRP up 3%

On Thursday, Bitcoin and other cryptocurrencies remained under pressure as investors worried about the possibility of another rate hike from the US Federal Reserve. Investors were nervous due to concerns over the US debt ceiling and hawkish comments. Bitcoin continued its decline on Thursday, dropping more than 3% to trade below $27,000 again. Even its biggest rival, Ethereum, which fell more than 2% but still remained above $1,850, was in the red. Even alternative cryptocurrencies were mostly trading.

Bitcoin’s value fell below $27,000 as investors worried about rising interest rates and prices. According to Edul Patel, co-founder and CEO of Mudrex, the market has been spooked by hawkish comments from the president of the Federal Reserve Bank of Cleveland on possible rate hikes in the United States. “In the past 24 hours, investor anxiety over bitcoin has been heightened by discouraging Chinese manufacturing data. After hitting a high of $28,037 on Tuesday, BTC has fallen to a new low Wednesday Ethereum fell nearly 2% and is currently trading near the $1,850 level, mirroring the behavior of Bitcoin, he added.

On Thursday, the majority of major cryptocurrency tokens were trading lower, with the exception of XRP and US dollar-linked stablecoins. Two coins, Cardano and Polkadot, fell 4%, while Avalanche, Tron, Solana, and BNB all fell 2%. XRP was the only alternative currency to rise, by more than 3%. The total value of all cryptocurrencies in the market fell more than 2% in 24 hours, trading at over $1.13 trillion. The total trading volume, however, increased by more than 17%, reaching $35.69 billion.

Bitcoin’s market capitalization has fallen to $525 billion in the past 24 hours under heavy selling pressure. And with a 9% decline in May, the biggest crypto is on track for its first monthly decline since January 2023. Despite this, the CoinDCX research team reports that Bitcoin is up 63% so far this year. Conversely, “Ethereum is in a deflationary phase right now. In the past 30 days, over 143,830 Ether, or nearly $275 million, has been destroyed on the Ethereum network. There has been a change of investor opinion, and the two most important cryptocurrencies no longer follow each other in terms of price.

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