The 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.

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, according to CoinMarketCap.”Bitcoin is trading just above $29,000 today with a bearish momentum. The high possibility of a rate hike by the US Fed this week seems to have contributed to this decline,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.

“BTC needs to hold $28,500 in case of a further fall to regain lost value. A rally in the next few weeks is likely once the market accepts a rate hike. Its dominance continues to be below 50%,” Subburaj said.

Rajagopal Menon, Vice President at WazirX, said, “The 7-day Bitcoin was down by 2.95%. The Simple Moving Average for 10-days and 200-day SMA indicate ‘Sell’ and ‘Buy’ at 29808 and 26325, respectively. Simple moving averages show a strong combination of ‘Sell’ and; Buy’ sentiments.

Crypto Cart: Quick Glance (Source:, data as of 12.34 hours, IST on July 25, 2023)

Bitcoin $29,120 -2.24%
Ethereum $1,852 -0.96%
Tether $0.9999 -0.02%
BNB $237 -1.42%
XRP $0.6891 -5.03%
Cardano $0.3041 -2.82%
Dogecoin $0.07743 8.57%
Solana $23.23 -4.93%
Polygon $0.7246 -2.39%
Litecoin $89.2 -3.44%
Polkadot $5.21 -2.55%
Tron $0.08169 0.55%
Shiba Inu $0.000007816 0.31%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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