crypto price today: Crypto Price Today: Bitcoin holds $20k after Fed rate hikes; Dogecoin & Shiba Inu tank

Synopsis

Crypto venture capital company Digital Currency Group has promoted Chief Operating Officer Mark Murphy to president amid a restructuring in which some 13% of its staff departed, Bloomberg reported.

New Delhi: Crypto market was in the red on Thursday after the US Federal Reserve increased interest rates by another 75 basis points. Bitcoin posted mild cuts but outperformers like Dogecoin and Shiba Inu were in the red.

Bitcoin continued to hover over its most recent $20,000 support line, whereas Polygon rose higher along with Uniswap.

Barring some altcoins and stablecoins, the majority of the crypto tokens were trading lower. Dogecoin led the losers with a 7% cut, followed by Shiba Inu which plunged 4%. However, Polygon rose over 6%.

The global cryptocurrency market cap was trading marginally lower at the $1.01 trillion mark, dropping more than a per cent in the last 24 hours. However, the total trading volume zoomed almost 40% to $102.76 billion.

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View Details » Expert take
Interestingly, the global crypto market cap in comparison to its equity counterparts remained largely stable after the Fed announcement. Thus, signalling some strengthening of the market, said Prashant Kumar Founder and CEO at weTrade.

“During Asia trading hours on Thursday morning, the global market cap remained above $1 trillion,” he said. “Meanwhile, Dogecoin, which enjoyed great highs over the last week, saw an 8% decline over the past 24 hours,” he added.

Global Updates
In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous waterfalls recently discovered a much less pleasant sound: the “haunting hum” of bitcoin mining farms.

Venture capital firm Andreessen Horowitz, also known as a16z, is seeking permission from a federal court to join an ongoing lawsuit.

Crypto venture capital company Digital Currency Group has promoted Chief Operating Officer Mark Murphy to president amid a restructuring in which some 13% of its staff departed, Bloomberg reported.

Community members in the decentralized finance (DeFi) platform Aave voted to deploy the protocol to the zkSync 2.0 testnet. The successful vote marks the first stage of Aave’s rollout to the new version of the zkSync platform.

Tech View by Giottus Crypto Platform
Once among the largest altcoins, Litecoin (LTC) was among the top-gaining altcoins on Wednesday. It was up nearly 15%, at its high, and still maintains a gap of 25% over its October lows.

This move comes after leading global payments network MoneyGram announced that users can now buy, sell and hold some major cryptocurrencies – including LTC. The rally seemed to be fueled by a bounce off a strong support trendline.

Chart-LTCET CONTRIBUTORS
The coin has been trading within a symmetrical triangle for a large part of this year, and as the triangle now narrows, price action is expectedly seeing higher volatility as a break to either side is attempted by both bulls and bears.

Current resistance is this triangle’s trendline stretching from back in May. This, combined with other factors continuing to dampen markets – such as the Federal Reserve’s rate hike and its continued hawkish stance for the period ahead, make this rally one that is unlikely to sustain. LTC may therefore likely retest support at $62 and $57. However, if this resistance is broken, re-tested and held, traders may want to go long for upside targets of $67 and $70, suggested the expert.

Major levels:
Support: $62, $57, $55

Resistance: $67, $70

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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Updated: 11/03/2022 — 02:00