Crypto Price Today: Bitcoin holds $20k after Fed rate hikes; Dogecoin & Shiba Inu tank

Crypto markets were in the red on Thursday after the US Federal Reserve raised interest rates by another 75 basis points. Bitcoin posted a slight decline, but performers like Dogecoin and Shiba Inu were in the red.

Bitcoin continued to rise above its new $20,000 support line, while Polygon rose on Uniswap.

Apart from some altcoins and stablecoins, most of the crypto tokens are trading low. Dogecoin led the gainers with a 7% fall, followed by Shiba Inu which fell 4%. However, Polygon grew by more than 6%. The global cryptocurrency market cap is trading low at $1.01 trillion, falling more than one percent in the past 24 hours. However, total business value rose nearly 40% to $102.76 billion.

Expert take

Interestingly, global crypto market capitalization relative to its stock counterparts remained flat after the Fed announcement.

Global Updates

In the city of Niagara Falls in the United States, the soothing noise of the famous waterfalls has recently discovered a less pleasant sound: the “terror noise” of the bitcoin mining field .

Venture capital firm Andreessen Horowitz, also known as a16z, is seeking permission from a federal court to join the ongoing lawsuit.

Crypto venture capital firm Digital Currency Group has promoted Chief Operating Officer Mark Murphy to CEO as part of a restructuring in which about 13% of its employees are leaving, Bloomberg reported.

Community members on the decentralized finance (DeFi) platform Aave are eligible to deploy the protocol on the zkSync 2.0 testnet. The successful election marks the first step in Aave’s migration to a new version of the zkSync platform.

Tech View by Giottus Crypto Platform

Once among the big altcoins, Litecoin (LTC) was among the best altcoins on Wednesday. It’s almost 15% off its high, but still maintains a 25% gap from its October drop.

The move comes after global payments network leader MoneyGram announced that users can buy, sell and hold some major cryptocurrencies, including LTC. The conference seems to be fueled by the restoration of a strong support system.

The coin has been trading in a symmetrical triangle for many years, but as the triangle is now narrowing, the price should see a higher change as a stop on each side tempts bulls and bears.

Current resistance is a triangle pattern that has been extending since May. This, combined with other factors that continue to hold the market back – such as the increase in the Federal Reserve and its continued position for the foreseeable future, makes this session do not last. So LTC can test the support at $62 and $57. However, if this resistance is broken, retested and held, customers can look for a long time for the highs of $ 67 and $ 70, the expert suggested.