24 Crypto Update, 16 Aug: FOMC Minutes trigger crypto market downturn

Crypto Market Faces Sharp Decline Following Fed Meeting Minutes

Bitcoin dropped 2%, Ethereum down 1.50% below $1,800.

Thursday saw a sharp drop in Bitcoin and major crypto tokens due to US Fed meeting minutes spooking traders. Top tokens like Shiba Inu, Litecoin, and Dogecoin fell 8%, over 5%, and 4% respectively. Toncoin, XRP, and BNB also dropped 3%, while Solana was down 2% in early trading.

Federal Reserve policymakers expressed concern about the rising pace of inflation at their most recent meeting, and suggested further rate rises may be necessary in the future unless conditions improve, based on meeting minutes released Wednesday.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $28,606 showing a 24-hour loss of 1.90 percent. In India, the value of Bitcoin is Rs 25,00,100.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,797, showing a 24-hour loss of 1.40 percent. In India, the price of Ethereum stood at Rs 1,59,000.

Binance (BNB)

At the time of writing, the price of Binance was $230.60 showing a 24-hour loss of 2.10 percent. In India, the price of Binance stood at Rs 20,016.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2770, showing a 24-hour loss of 1.10 percent. In India, the price of ADA stood at Rs 24.21.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 3.90 percent, with its current price at $0.06810. In India, the price of Dogecoin stood at Rs 5.90.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 4.20 percent. As of the current time, it was trading at $75.28. In India, the price of LTC stood at Rs 6516.

Ripple (XRP)

XRP's price, recorded at $0.5916, experienced a 24-hour fall of 2.90 percent. In India, Ripple's price stood at Rs 51.35.

Solana (SOL)

The price of Solana was recorded at $23.25, reflecting a 24-hour decrease of 0.90 percent. In India, the price of SOL stood at Rs 1976.

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of selling sentiment, causing a 2-point drop in the crypto greed and fear index. The index now stands at 50 out of 100.

Major Event to be watch

Worldwide News Update:

• Volatility Shares introduces US's inaugural Ethereum Futures ETF (ETHU) on October 12, 2023. Pending SEC approval for Ether Futures ETFs by leading financial institutions heightens rivalry, impacting Bitcoin ETF and worrying investors.

• Biswap announces Binance Connect closure on August 16, 2023, after ending card services. Move aligns with Binance's focus on core products, ending global crypto payment initiative begun in March 2022.

• US exchange Coinbase is authorized to provide retail users with cryptocurrency derivatives, reflecting industry shift toward these assets. Coinbase embraces market trends, expanding investment choices amid rising crypto acceptance.

• Shiba Inu introduces Shibarium, a faster, cost-effective Layer 2 solution, addressing blockchain issues. SHIB's journey from meme to Shibarium highlights crypto adaptability. Anticipated impact signals improved efficiency and broader SHIB utility.

• Bitcoin reacts to FOMC's July 2023 meeting minutes. Fed acknowledges prolonged inflation fears, hinting at potential tightening due to persistent inflation dynamics and cautious financial condition management.

• Ripple opposes SEC's motion for interlocutory appeal in Ripple Vs SEC case. Ripple argues SEC should await final ruling before appeal due to case-by-case crypto regulation approach. Victory could impact future cases against the SEC.

COIN GABBAR Views: Did the US Fed meeting minutes causing unease among traders result in a significant decline in Bitcoin and other major crypto tokens on Thursday, prompted by the signal of potential rate hikes? What is the Fed's forthcoming action – will there be an interest rate increase or not? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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