Last update: August 23, 2022 4:19 PM IST
![Global cryptocurrency markets traded in the green on Tuesday Global cryptocurrency markets traded in the green on Tuesday](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
Global cryptocurrency markets traded in the green on Tuesday
Cryptocurrency Prices Today: Bitcoin (BTC), the largest cryptocurrency with 39.8% dominance, traded higher than $21,000.
Cryptocurrency prices today: Major cryptocurrency tokens were mixed on Tuesday after the U.S. Federal Reserve surprised traders by turning hawkish on renewed inflation concerns. Bitcoin (BTC), the largest cryptocurrency with a 39.8% dominance, was trading with gains above $21,000. Ethereum (ETH), the second largest cryptocurrency, was on the rise.
Most cryptocurrency tokens have fallen by up to 20% in the past week following the release of the US FOMC minutes. This suggests the bank will maintain its current inflation prescription of 75 basis points plus interest rate hikes.
Solana topped the losers, with Shiba Inu down 2%, while Cardani and Ethereum each recorded similar gains. Global cryptocurrency market capitalization was trading slightly higher at $1.2 trillion, little changed over the past 24 hours. However, overall trading volume increased by more than 18%, reaching $70.62 billion.
“Bitcoin, Ethereum and most cryptocurrencies fell slightly as investors worried about monetary policy and uncertainty. Both major cryptocurrencies have fallen more than 10% since last week following the announcement of the July Federal Open Market Committee meeting. If BTC can close above $21,500 today with less selling, we can expect it to reach $22,400 soon. On the other hand, the hype around the merger with Ethereum slowly started to die down, causing the price to fall. With the merger still a month away, the downtrend may be temporary and ETH may gain momentum before then,” said Edul Patel, CEO and co-founder of global cryptocurrency investment platform Mudrex.
An indicator known as Moving Average Convergence Divergence MACD also flashed a warning signal. The MACD turned negative, which to some technical analysts is a sign that Bitcoin may continue to come under pressure. As Bloomberg reports, the decline over the past few days has also pushed Bitcoin and the MVIS CryptoCompare Digital Assets 100 index below their 50-day moving averages.
Cryptocurrencies suffered through the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation. After major token pairs collapsed, some cryptocurrency lenders froze customer withdrawals and several cryptocurrency companies laid off employees.
Here are the top 10 cryptocurrencies and their prices as of Tuesday, August 23rd. (Data from coinmarketcap.com at time of publishing this article)
Bitcoin $21,365.40 or a loss of 0.46% in the last 24 hours.
Ethereum lost $1,605.23 or 2.03% in the last 24 hours.
Tether $1.00 or 0.00% loss in last 24 hours
USD Coin $1.00 or 0.03% return in last 24 hours
BNB $296.94 or a loss of 0.43% in the last 24 hours.
Binance USD $1.00 or 0.05% return in last 24 hours
XRP $0.3339 or 2.71% loss in last 24 hours
Cardano gained $0.3391 or 1.01% in the last 24 hours.
Solana returns $35.18 or 0.14% in the last 24 hours.
Dogecoin $0.06823 or 1.78% return in last 24 hours
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