look news india
Mumbai: Ahead of the Federal Open Market Committee (FOMC) meeting, cryptocurrency markets witnessed volatility and price pressure led by Bitcoin. Players are also eyeing important data to be released in the US in the current week. The total market cap of cryptocurrencies fell to $2.46 trillion.
The market will also keep an eye on the inflation data to be announced in the US. After the US employment data came in stronger than expected last week, expectations that the Federal Reserve will cut interest rates have diminished.
In the last 24 hours, the price of bitcoin touched a low of $66,929 and a high of $70,100, late in the evening it was quoted at $66,944. Ethereum fell by $133 to $3534. The US-listed spot bitcoin ETF saw outflows of $64 million at the start of the week.
Apart from the strength in the dollar, the impact of the rise in gold has also been seen on risky markets like crypto. An analyst said that the movement of crypto will depend on the signal at the end of the Federal Reserve meeting tomorrow.