Crypto Price Today: Bitcoin falls below $36,400; Solana, Polygon tank up to 13%
cryptocurrency market on Friday gave up the previous day's gains as the global cryptocurrency market cap declined by 2.62% to around $1.4 trillion.
At 12:34 p.m., Bitcoin was trading 3.4% lower at $36,338, while the second most popular token, Ethereum, was down 4% at $1,981.
«Bitcoin (BTC) faces a sharp decline, falling more than 3% to the $36,300 range after rejecting the $38,000 resistance. The SEC's delay in ruling on Hashdex's bitcoin ETF conversion may have fueled the intraday selloff,» said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
«Macro factors, including a potential US Federal Reserve tapering cycle in 2024, are contributing to cryptocurrency tailwinds. Chart analysis suggests an ascending triangle with bullish growth, with a break above $38,000 potentially leading to a test of $40,000,» Sathvik said.
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View Details»Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures said, «While the overall crypto market may be down by 2.6% due to the market correction phase, the recent US inflation data has been more positive than expected. This has led to the shift of investor sentiment toward risk-on asset classes, cushioning the selling pressure within the crypto market.»
Other popular altcoins, including the likes of Solana and Polygon, plunged 12.6% and 8%, respectively. Also, BNB, XRP, Cardano, Avalanche, Chainlink, Toncoin, and Polkadot fell 3-7%.
In the last 24 hours, the market cap of
