Today’s Cryptocurrency Market: Bitcoin and Ether Face Declines as US Interest Rates Remain Unchanged

On Thursday, February 1, the crypto market displayed predominantly negative trends, with Bitcoin witnessing a decline of 2.28%, pushing its value below the recently regained threshold of $42,400. As of the time of this report, BTC is being traded at $42,167. Analysts in the cryptocurrency sector commented on the situation, attributing the shift from positive to mildly bearish conditions over the past 24 hours to the Federal Reserve’s decision to maintain unchanged interest rates.

Following Bitcoin’s lead, Ether also experienced a downturn, trailing behind with a loss of 3.78%, bringing the current value of Ether to $2,258.

Crypto analysts explained, “BTC, positioned within its range, currently finds itself in the middle, with the increasing dominance of BTC leading to declines in the majority of altcoins. ETH is experiencing a similar scenario, trading within its established range. Additionally, the market sentiment is being influenced by the regular movement of funds through ETFs, contributing to the overall dynamics of the market.”

Thursday witnessed losses across various cryptocurrencies, including Cardano, Avalanche, Dogecoin, Polkadot, Chainlink, and Polygon. Other digital currencies that experienced price declines encompassed Binance Coin, Solana, Ripple, Tether, USD Coin, and Leo.

The total valuation of the crypto market notably dropped by 8.35% in the last 24 hours, with the overall market cap standing at $1.51 trillion, according to CoinMarketCap.

Meanwhile, amidst the broader market trends, Tron, Monero, Iota, Braintrust, and Dogefi managed to exhibit modest gains.

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