Despite the resurgence of turmoil in the US banking industry and the slowing growth of the greatest economy in the world, Bitcoin and other popular crypto tokens were not traded on Friday. However, the majority of the digital tokens were able to hold their gains. The US Fed's meeting next week is anticipated by traders.
The largest cryptocurrency asset, Bitcoin, kept climbing higher and gained more than 1%, hovering around the $29,000 level. Ethereum, its biggest rival, remained virtually unchanged but maintained the $1,900 level. Early on Friday, there wasn't much activity in the alternative currency.
The last 24 hours have seen uneven trading in the cryptocurrency markets. As banking industry turmoil resurfaces and US economic development slows, BTC is currently trading in the $29,000 to $29,000 region, up more than 1% in the last 24 hours. Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, stated that ETH is also trading in a balanced manner above $1,900.
The impending Federal Open Market Committee (FOMC) meeting next week is anticipated by investors. In light of fears about the recession, the general expectation is for the Fed to raise interest rates one final time, he added.All major crypto tokens, with the exception of the biggest names, were trading with modest gains on Friday. Only Shiba and BNB were down up to 2%, with US dollar-pegged stablecoins and Ethereum the only other losers. Solana and Avalanche were among the gainers, each rising by roughly 3%.
The market capitalization of all cryptocurrencies was trading significantly higher, circling the $1.21 trillion barrier after increasing by roughly 1% in the previous day. The entire trade volume fell by nearly 31% to $48.42 billion, though.
The price of Bitcoin abruptly fell by 8% on April 26 to $27,242, but recovered quickly as a result of worries about the US banking sector and economy. According to Sathvik Vishwanath, Co-Founder & CEO, Unocoin, Bitcoin might potentially cross this threshold and hit the following $30,000 resistance level, offering purchasing possibilities up to $30,800.
The 50-day exponential moving average and the Moving Average Convergence Divergence (MACD) all show a positive trend. The cryptocurrency market was extremely turbulent the whole week, causing complete longs and shorts to be liquidated, but overall, he said, sentiment remained strong.
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