The broader crypto market dropped significantly and showed losses in the last 24 hours due to U.S Data and FOMC Minutes. As a result, Bitcoin, Polkadot, and Polygon prices showed bearish sentiments.
At the time of writing, the global cryptocurrency market cap has dropped 1.79% in the last 24 hours to $1.14 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $79.06 billion.
The crypto market leader, Bitcoin price is currently trading at $24,000. This follows a 0.80% decrease in the last 24 hours. As a result, its market capitalization stands at $461.41 million.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,645, which increased by 0.60% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has decreased by 0.41% in the last 24 hours. BNB is currently ranked 4th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $310.
In addition, the price of Polkadot decreased by 1.96% in the last 24 hours. ADA is currently ranked 14th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the DOT price was trading at $7.08.
Furthermore, Polygon (Matic) continues to lose momentum and is currently trading at $1.35. It decreased by 2.28% in the last 24 hours.
What Turns the Crypto Market Consolidated ?
The global cryptocurrency market became consolidated as investors continued to analyse the Federal Reserve's ongoing discourse on monetary policy and scrutinise employment data.
Major Events Around the World
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Circle is planning to buck the trend of mass layoffs by increasing its staff by up to 25% even during these uncertain times. This bold move is a testament to the company's commitment to its employees and its dedication to providing quality services.
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Israeli startup receives $70 million in funding for the production of blockchain chips. This injection of capital will enable the company to develop cutting-edge technology that could revolutionise the way we use and store data.
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The Securities and Exchange Commission (SEC) has once again been accused of incorrectly classifying crypto assets as securities. This latest accusation comes as the SEC continues to grapple with the ever-evolving cryptocurrency landscape and its implications for the financial markets.
COINGABBAR Views: This week's sideways price action, or pause, is normal and not indicative of a bearish trend. In fact, bulls still have the overall near-term technical advantage, as the daily chart shows a clear upward trend.
Also read: Germany’s DZ Bank Introduces Crypto to Its Asset Management Services
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