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Crypto News: Market Plunges as Investors Await FED's Move

Key Takeaways
  • The US Federal Reserve will announce its monetary policy today, expected to maintain the 'fed funds rate' range at 5.25%-5.50% due to persistent inflation.
  • Bitcoin's price has fallen below $61,500, while Ethereum dropped below $3,150.
  • The cryptocurrency market has seen a 6.40% decline, resulting in a total market capitalization of $2.42 trillion.
20-Mar-2024 By: Lokesh Gupta
Crypto News: Market

Crypto market slides 6.4%, reaching $2.42 trillion valuation

  • #Bitcoin ($BTC) hovered around $62,000 ahead of the Federal Reserve's interest rate decision.

  • Crypto investors are closely monitoring the Fed this week for hints on potential interest rate adjustments.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

In the past 24 hours, the market saw a notable 4-point drop in the "Fear and Greed Index" to 74 out of 100, signaling increased negativity. Nonetheless, prevailing market sentiment remains highly optimistic.

Latest Market Update: 

  • Bitcoin faced its third day of selling pressure below $62,000, signaling investor confidence waning.

  • Several other popular altcoins, including #Ethereum ($ETH), Bitcoin SV (BSV), #Cardano ($ADA), #Solana ($SOL), and #Ethereum Classic ($ETC), witnessed significant declines ranging from 10% to 20%.

  • The #Pepe ($PEPE) token demonstrated significant gains, with a remarkable 24-hour increase of over 8.64 percent.

  • In contrast, #Jupiter ($JUP) experienced substantial losses, plunging over 14.05 percent within a 24-hour period.

  • The total trading volume in the crypto market over the past 24 hours surged to $180.83 billion, reflecting a notable 19.21% uptick.

  • DeFi volume stands at $15.16 billion, constituting 8.38% of the total crypto market 24-hour volume.

  • Volume of all stable coins reaches $167.26 billion, representing 92.49% of the total crypto market 24-hour volume.

  • Bitcoin's dominance currently sits at 52.23%, experiencing a marginal decrease of 0.03% throughout the day.

Major Worldwide News Update:

  • The US Federal Reserve will announce its monetary policy decision on March 20, with markets expecting no change to the ‘fed funds rate’ target range of 5.25% – 5.50%. Despite stagnant inflation, investors anticipate future rate cuts due to economic concerns. The meeting will include the Summary of Economic Projections, revealing rate trajectory.

  • The SEC delayed its decision on Hashdex and ARK 21Shares' spot Ether ETFs until late May, amid analysts' growing pessimism on approval chances. Bloomberg analysts cite lack of SEC engagement, lowering approval odds. Public sentiment falls, with Polymarket odds at 32%. Grayscale considers adding staking to its Ether ETF proposal to counter inflationary pressures.

  • Bitcoin ETFs experienced a second consecutive day of outflows, pressuring BTC price down by 6% below $62,000. Institutional caution prevails ahead of the FOMC decision. Grayscale's GBTC continues bleeding with $444 million outflows despite fee reduction promises. Market braces for FOMC impact amidst heightened Bitcoin and Ethereum volatility.

  • Grayscale Investments plans to integrate staking into its Ethereum ETF, aiming to mitigate inflationary pressures and enhance investor appeal. Fidelity follows suit in amending its Ethereum ETF filing. This trend underscores growing recognition of staking's value in crypto ETFs, potentially reshaping Ethereum's ecosystem and attracting broader investor interest.

  • Former Binance CEO Changpeng Zhao introduces Giggle Academy, aiming for free basic education using innovative methods. The nonprofit project seeks teachers to create content, garnering positive feedback. It excludes history and religion, offering online learning and gamification. Zhao launches amid legal challenges, including a pending money laundering case and stepping down from Binance.

  • Bitwise's CIO, Matt Hougan, prefers delaying Ethereum spot ETF launches over fee waivers, anticipating SEC approval by December for better market understanding. Fidelity enhances its ETF filing with staking, showcasing resilience amidst regulatory uncertainty. Firms await SEC's decision, signaling industry's persistence for crypto integration in global finance.

COIN GABBAR Views: What impact does a neutral interest rate decision from the FOMC meeting have on Bitcoin's price reaction? Is the decline in miners' reserves coupled with short-term traders cashing out profits unfavorable for Bitcoin's price? What factors led to Bitcoin slumping below $62,000, and is there potential for it to drop below $60,000? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto News, 19 March: Is the Crypto Market Bubble Bursting?

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