23 Aug , 2022 By : Kanchan Joshi
Bitcoin price today slipped as the world's largest and most popular cryptocurrency was trading nearly a per cent lower at $21,278. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.07 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained about a per cent to $1,612. Meanwhile, dogecoin price today was trading marginally higher at $0.06 whereas Shiba Inu plunged over a per cent to $0.000013.
Other crypto prices' today performance were mixed as BNB, Tether, Avalanche, XRP, Uniswap, Tron, Litecoin, Stellar, Binance USD, Solana prices were trading with cuts over the last 24 hours, while Polygon, Polkadot, Chainlink Apecoin gained.
"Bitcoin, Ethereum, and most cryptocurrencies fell slightly as investors worry over the monetary policies and uncertainties. The two significant cryptocurrencies have dropped more than 10% since the past week after July’s Federal Open Market Committee’s meeting was released. If BTC can close above $21,500 today with less selling volume, we can expect it to touch $22,400 soon. While on the other hand, the hype around Ethereum and merge has slowly started to die, causing the price to slide. The downward trend could be temporary as the merge is still a month away, and ETH may gain momentum before it," said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.
An indicator known as the moving average convergence divergence MACD also flashed a warning sign. The MACD has turned negative, which for some technical analysts is a sign Bitcoin may continue to come under pressure. The decline of the past few days has also taken Bitcoin and the MVIS CryptoCompare Digital Assets 100 Index below their 50-day moving averages, as reported by Bloomberg.
Cryptos have struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.