Crypto Price Today: Bitcoin slips below $29,200 ahead of Fed meeting; XRP, Solana shed up to 5%

economictimes.indiatimes.com:

cryptocurrency markets were majorly trading lower on Tuesday ahead of the US Federal Reserve's monetary policy decision tomorrow. Bitcoin (BTC) fell 2.24% to $29,120, whereas Ethereum (ETH) was just above the 1,850 level. BTC volume stood at approximately $14.6 billion, rising 45.6% in the last 24 hours. «Bitcoin (BTC) volatility has dipped to its lowest level in a year as investors await the Federal Open Market Committee (FOMC) meeting this week. The 30-day estimate for BTC volatility has fallen to just 0.74%, which is the lowest level since January 16, 2023,» said CoinDCX Research Team. «The FOMC is expected to raise interest rates by 25 basis points this week with an expectation that this may be the last rate hike by the Federal Reserve in the foreseeable future,» it said.

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

Other top crypto tokens were also trading in the red on Tuesday. XRP, Cardano, Litecoin, Polygon, and Solana were also trading lower. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.17 trillion, falling 1.85% in the last 24 hours. The total volume in DeFi is currently $2.51 billion, 7.33% of the total crypto market 24-hour volume. The volume of all stablecoins is now $30.82 billion, which is 90.2% of the total crypto market 24-hour volume. The market cap of Bitcoin, the world's largest cryptocurrency, was around $566 billion. Bitcoin's dominance is currently 48.41%, a decrease of 0.18% over the day,