Coin Edition -
- Santiment tweeted that the recent drop in the crypto market may be a bullish sign.
- The Fed announced a 25 basis points hike yesterday which negatively impacted the crypto market.
- At press time, the total crypto market cap is down more than 2% in the last 24 hours.
Santiment (@santimentfeed), the blockchain analytics firm, tweeted yesterday that an overreaction from traders to the recent bloodbath in the crypto market may be a bullish sign.
The tweet followed the recent interest rate hike which was announced by the Fed yesterday. According to the tweet, there was speculation last week “that the Fed could actually cut interest rates.”
After speculation that the #Fed could actually cut interest rates last week, #JeromePowell decided to raise them by 25bps after all. Though not a big rise, it was enough to push down #equity & #crypto markets. If traders overreact, it's a #bullish sign. https://t.co/X8s2nr9icM pic.twitter.com/MgPvVDREQC— Santiment (@santimentfeed) March 22, 2023
However, the Fed’s Jerome Powell announced that the interest rate would be raised by 25 basis points. The tweet added that although the rise in interest rates was not a significant one, it was still enough to push down prices in the crypto and equity markets. There has also been a 2.81% increase in the total trading volume in the crypto market – taking the total to $68.05 billion.
At press time, CoinMarketCap shows that the global crypto market cap has dropped 2.15% over the last 24 hours. As a result, the total market cap for the crypto market is currently estimated to be $1.16 trillion.
All of the non-stablecoin cryptos on the top 10 list have experienced price decreases in the last 24 hours. The crypto market leaders Bitcoin (BTC) and Ethereum (ETH) saw their prices drop by 2.08% and 2.75% respectively. Currently, BTC is trading at $27,661.53 and ETH’s price stands at $1,754.18.
Meanwhile, the prices of Binance Coin (BNB) and Ripple (XRP) are down 4.04% and 8.33% at press time. Furthermore, Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC) saw their prices drop 5.02%, 1.60%, and 3.35%. Lastly, Solana (SOL) is currently down 4.03% to trade at $21.62.
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