Market Overview
Yesterday, the cryptocurrency market experienced a significant decline after a brief rebound. Concerns over the Federal Reserve’s decision to keep interest rates unchanged and its impact on inflation expectations led to cautious sentiment towards high-risk assets, resulting in an overall market downturn.
Bitcoin (BTC) fell by 3.48%, with a volatility rate of 3.68%, reaching a high of $69,576 and a low of $66,030. Despite the substantial fluctuations, Bitcoin faces strong resistance around $68,400-$69,000 and finds support at approximately $66,000.
Ethereum (ETH) also faced a decline, dropping by 5.03%, with a volatility rate of 2.28%, hitting a high of $3,839 and a low of $3,731. This decline reflects the market’s uncertainty about Ethereum’s future performance, especially within the current macroeconomic context.
Among other major cryptocurrencies, TRON (TRX) fell by 1.17%, Polkadot (DOT) decreased by 2.67%, Solana (SOL) dropped significantly by 8.03%, and Uniswap (UNI) fell by 13.79%. These figures indicate varying market demand and confidence in different cryptocurrencies.
Overall, the current total market capitalization of the cryptocurrency market stands at $2.555 trillion, down 3.9% from the previous day. Despite the drop in market cap, global trading volume increased by 12.4% to $135.6 billion, indicating heightened market activity. The Fear and Greed Index remains at 72, suggesting that market sentiment is still inclined towards greed, with investors maintaining a cautiously optimistic outlook.
Major Cryptocurrencies Performance
- TRON (TRX): Down 1.17%
- Polkadot (DOT): Down 2.67%
- Solana (SOL): Down 8.03%
- Uniswap (UNI): Down 13.79%
Total Market Capitalization and Trading Volume
- Total Market Capitalization: $2.555 trillion (down 3.9% from yesterday)
- BTC ETF Net Inflows: -$2.00 billion (converted to outflows)
- Global Trading Volume: $135.6 billion (up 12.4% from yesterday)
Market Indicators
- Fear and Greed Index: 72 (indicating greed in the market)
- HTX-BTC Fixed Investment Index: 36 (suggesting caution in BTC investments)
Today’s News
- The US Federal Reserve’s interest rate remains unchanged at 99.4%
- Sam Altman, co-founder of OpenAI, plans to run for US Senate in 2024
- The futures fund’s return remains high in 2023, and the non-agricultural market may show volatility
- zkSync completed a $375 million Series B funding round
- K33 Research: The correlation between Bitcoin and US stocks remains at an 18-month high
- Vitalik Buterin plans to move $200 million from his Ethereum address to Angel Network’s club address
- LidoDAO spent 15,455 ETH on gas fees to unlock pledged ETH
- Polygon launched 10 zkPloT and announced a listing plan
- Sui announced: Sui Bridge product has gone live, and announced a listing plan
UXUY Analyst’s View
Yesterday, the cryptocurrency market experienced a deep decline after a brief rebound. The market remains concerned about the Federal Reserve’s unchanged interest rate policy and its impact on inflation expectations. The market’s sentiment towards high-risk assets remains cautious, affecting the overall market performance.
Bitcoin’s price continues to be influenced by MA5 indicators, with resistance around $68,400-$69,000 and support at $66,000. Investors should carefully consider these factors when adjusting their investment strategies.
Overall, the cryptocurrency market may continue to be affected by macroeconomic factors in the short term. However, in the long term, the market outlook remains optimistic with the gradual improvement of regulatory frameworks and continuous technological advancements. Investors should closely monitor market trends and flexibly adjust their investment strategies to manage the risks and opportunities presented by market volatility.
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