Bitcoin was recently trading at $17,015 down 1.87% in the last 24 hours. The broader cryptocurrency market has been affected by the negative trend with the majority of coins seeing a considerable decline in gains.
Ether was holding at $1,261 after having lost 2.81% in the last 24 hours, as per data from CoinMarketCap. Avalanche was down 4.15%, Polkadot 4.14%, Chainlink 3.92%, Uniswap 3.26%, Litecoin 2.72%, and Polygon 2.64%. The meme coin Shiba Inu is the biggest loser. It’s down by 6.80%. Solana (SOL) is the biggest gainer, it’s up by 1.11% in the last 24 hours.
Looking at the market on Monday and today, it can be said that cryptocurrencies continue to alternate between positive and negative trends amid uncertainty. Experts believe the current situation might continue until the crypto space finds its reasons for certainty. According to data, Bitcoin seems to have recovered from a mid-November swoon following the implosion of FTX. But the uncertainty isn’t completely over. The popular cryptocurrency remains subject to minor winds that send it dipping and rising in smallish increments on larger macroeconomic events.
Edward Moya, a senior market analyst at Oanda, said Bitcoin’s earlier gains evaporated after a hot Institute of Supply Management (ISM) services report fuelled bets that the Fed could tighten much more than markets are currently pricing. It saw crypto prices largely track equity markets. But the tech-heavy Nasdaq and S&P 500 dropped 1.9% and 1.8%, respectively. Glenn Williams, a crypto analyst, believes that as investors comprise a sizable portion of crypto investors, the continued erosion of buying power will weigh upon BTC and Ether prices. He highlighted a cocktail of higher interest rates, decreased buying power increased levels of debt.