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Cryptocurrency Prices on June 14: Bitcoin Falls Below $67,000; Altcoins decline by 3%
Bitcoin fell slightly, falling below the $67,000 mark, as investors pondered the outlook for US rates after the Federal Reserve tempered its rate cut outlook even as inflation came in weaker than expected .
At 11:58 IST, Bitcoin was trading 0.74% lower at $66,955.
“Bitcoin fell to $66,000 as investors and traders reacted to an aggressive interest rate outlook. The US central bank kept rates unchanged on Wednesday and forecast just one rate cut this year, contributing to Bitcoin’s decline, ” said Edul Patel, CEO of Mudrex.
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Meanwhile, the second largest cryptocurrency by value, Ethereum rose 0.4% to $3,514 after SEC Chairman Gary Gensler said Ether ETFs should be fully approved by September 2024. According to CoinSwitch Markets Desk, the final registration requirements for ETFs are progressing smoothly at the staff level, hinting at the imminent listing of new ETFs, which allow investors to easily trade funds that hold real Ether.Read also: Could Bitcoin reach the $100,000 threshold in 2024? Here’s what the experts say
On the other hand, various other crypto tokens, including Solana, XRP, DogemonetaCardano, Shiba Inu, Avalanche, Polkadot, Chainlink and Polygon saw a decline of 3%.
According to CoinMarketCap, the volume of all stablecoins now stands at $65.03 billion, or 93.28% of the total 24-hour cryptocurrency market volume.
Read also: Trump says he wants all remaining Bitcoin to be produced in the United States
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.318 trillion. According to CoinMarketCap, Bitcoin’s dominance currently stands at 54.18%. BTC volume in the past 24 hours fell by 25.57% to $26.74 billion.
“Bitcoin faces immediate resistance at $70,000 and support at $66,000 with a downtrend as the price remains below the 50-day EMA at $68,800 and RSI at 44,” said Sathvik Vishwanath, co -founder and CEO of Unocoin.
Meanwhile, the global cryptocurrency market capitalization also saw a decline of 0.6% to around $2.44 trillion over the past 24 hours.
(Disclaimer: The opinions expressed by experts are their own and do not necessarily reflect those of The Economic Times)