Bitcoin and other major crypto tokens fell on Friday, after rebounding from volatile trends on Thursday, as most global markets witnessed a sharp decline following the US Federal Reserve's 75 basis points (bps) interest rate hike. One basis point is one-hundredth of a percentage point.
World's most popular and largest cryptocurrency Bitcoin was trading 8.2 percent lower at $20,597 at 8:37 am, nearing the 18-month low of $20,289. Bitcoin's market capitalisation was at $393.3 billion, while the trade volume was around $32 billion in the past 24 hours.
An analyst at WazirX said, "The daily trend for the BTC has now formed a descending channel pattern. The daily Relative Strength Index has dropped below 20 for the first time since March 2020."
"Bitcoin continues to remain in the oversold zone with investors considering these price levels as an opportunity to accumulate more of the token," they added.
Second-largest virtual currency Ether was also almost 10 percent down at $1,089.4 with market capitalisation of $132.1 billion. Trade volume of Ethereum was around $19.4 billion in the last 24 hours.
Meme crypto Dogecoin fell almost 7 percent with a trade volume of $697.5 million in 24 hours. Shiba Inu was trading 4.4 percent lower at $0.0000081 while Solana was down by 9.2 percent to trade at $30.7.
About Tron(TRX), the WaxirX analyst said, "The daily trend for TRX is retesting the support levels after breaking below the triangle pattern. An immediate support is expected at $0.045 level."
Global stock markets made major losses on rising concerns over a slowdown in economies after a series of hikes by policymakers recently.
First Published: Jun 17, 2022 3:43 PM IST
