The crypto market is down for the second day in a row. Today, however, the two largest coins in the market are also taking a big hit. Finally we are seeing some return in volatility but not in the desired direction.
We warned yesterday that some volatility could follow the release of the FOMC Minutes, minutes of the US Federal Reserve’s last interest rate meeting.
*FOMC MINUTES: Most officials still see inflationary risks and a potential need for higher interest rates pic.twitter.com/xLg96Kf5o6
— Investing.com (@Investingcom) August 16, 2023
The Federal Reserve is warning of more inflation and another rate hike, although the market had already expected a pause. As a result, we see many financial markets turning negative and crypto not staying untouched. It has done quite a bit in itself long press; Up to $140 million in long positions were liquidated.
The total cryptocurrency market cap is down 1.7% to $1.14 trillion. Trading volume increased 11.3% to $35.7 billion. Bitcoin dominance is 49%. The Fear & Greed Index is 50, i.e. neutral.
The Bitcoin Fear and Greed Index is at 50 – Neutral
Current price: $28,704 pic.twitter.com/4RCekWwkIq– Bitcoin Fear and Greed Index (@BitcoinFear) August 17, 2023
Bitcoin plunges to lowest price since June
Bitcoin (BTC) has held up relatively better than most other cryptos, but did not look very stable yesterday, briefly dipping below $29,000. However, last night bitcoin price started falling sharply, reaching as low as $28,350 last night, its lowest price in more than eight weeks.
At the time of writing, Bitcoin is tentatively recovering to $28,565 on Bybit and $26,260 on Bitvavo. Bitcoin is therefore down 2.1% today.
#BTC went exactly as expected, the price has gone down significantly with yesterday’s courses #FOMC Hit and almost reached the support zone as drawn. Well, a minor pullback may now take place and a fresh low is still expected to hit the support zone around $28,100. pic.twitter.com/dXU3yG6cS9
— Crypto Master Koko 🌕 (@KokoCrypto_AI) August 17, 2023
According to several analysts, if Bitcoin fails to recover quickly, the price is likely to test the support in the $28,000 area. However, should Bitcoin fall below this, a significant decline could follow.
🚨 BREAKING – #BTC has lost its trend!
The last defense before this gets ugly is $28,000. #Bitcoin can pull the entire market lower if this support falls.
What is your goal for this decline? #BTCUSD pic.twitter.com/PxboPYgQvq
– Duo Nine ⚡ Crypto Alpha (@DU09BTC) August 17, 2023
Ethereum price plunges to a crucial level
Ethereum (ETH) fell faster yesterday, but slightly less than Bitcoin today. Despite this, Ethereum fell as low as $1,778 last night and is currently trading at $1,800. It looks like the $1,800 level has turned back from support to resistance. ETH is down 1.4% today.
If #Ether If the price breaks below $1,800, the next key level of support is around $1,600. At this level, 2.48 million addresses acquired a total of 3.8 million $ETH. pic.twitter.com/9TP6xi3R5x
— Ali (@ali_charts) August 16, 2023
Dogecoin is the hardest faller of the red crypto top 10
The rest of the top 10 are also turning red, although most prices are falling less quickly than yesterday. Solana (SOL) quickly rebounded from the plunge and is therefore down just 0.9% at a price of $23.2. The same can be said for Polkadot (DOT), which rallied back to $4.75 and is down 0.9%. Cardano (ADA) also did much the same and is down 1% today at $0.276.
However, Binance coin (BNB) failed to recover, falling 1.4% to $231.3. Ripple (XRP) is already down 1.8%, falling to 0.588. Tron (TRX) is also down 1.8% of its value to settle around $0.0746. However, Dogecoin (DOGE) is having a little tougher time, falling 3.9% today to $0.0677.
$DOGE rejects pattern resistance#DOGE #crypto #dogecoin pic.twitter.com/vnrsgQ88p2
— Rekt Capital (@rektcapital) August 16, 2023
Shiba Inu hardest descent in crypto top 100
The top 100 will also turn red, with Rocket Pool (RPL) being the only green exception. Litecoin (LTC) and Pepe (PEPE) are down almost 5% today. Rollbit Coin (RLB), EOS (EOS), Sui (SUI) and Arbitrum (ARB) and Maker (MKR) are already down almost 6%.
Uniswap (UNI) is down almost 7%. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are both down more than 7% today. Flex Coin (FLEX) even falls 7.5%.
However, today’s biggest loser is Shiba Inu (SHIB), and that’s somewhat unexpected. Shiba Inu launched its ‘Shibarium’ network yesterday and this is expected to see a surge. However, the start was associated with major problems. SHIB price therefore decreases by 7.6% to $0.00000918.
BREAKING: 📰
#15 Top Cryptocurrencies $SHIB (Shiba Inu) launches their “Shibarium” blockchain
… About $23 million and up $ETH forever 🔥 lost in her bridge.
How/Why is $SHIB still at a market cap of $5,000,000,000 ($5 billion)? Totally overrated. pic.twitter.com/GqiJ5z6j9L
— Kevin Svenson (@KevinSvenson_) August 17, 2023