Crypto Price Today: Bitcoin, Ethereum fall up to 3% on Fed’s hawkish tone; Solana, Cardano defy trends with 2% gain
Dogecoin, Avalanche, and Shiba Inu which were down by up to 2.5%.
Altcoins that were trading in the green around this time included Solana, XRP, Toncoin, Cardano, and Tron which gained up to 2%.
The crypto market's lackluster trade could be attributed to the remarks by US Federal Reserve Chair Jerome Powell's hawkish statement which said that the Central Bank needs more evidence on inflation to decide on the timing of the rate cuts. Moreover, the May jobs data was reported higher-than-expected.
Bitcoin's decline reflects both concerns and opportunities in the crypto market, Sathvik Vishwanath, Co-Founder & CEO at Unocoin said as he highlighted strong trading volume of $20 billion over the past day, indicating significant market activity. «The news suggests that large holders of Bitcoin, known as whales, are piling up, indicating confidence in a potential year-end rally,» he said.
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View Details»Vishwanath said that BTC is currently finding support within an ascending channel of around $61,700 though it faces resistance at the 50-day EMA at
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