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Today’s Cryptocurrency Prices: Bitcoin Temporarily Surpasses $43,000, Jupiter Experiences a Decline of Over 60%

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, briefly surpassed the $43,000 threshold before retracing its steps early on Thursday. The decision by the US Federal Reserve to maintain interest rates seems to have contributed to a sense of stability in cryptocurrency prices. Other prominent coins, such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), experienced marginal losses. Among them, the SATS (1000SATS) token emerged as the top gainer, with a 24-hour increase of over 5%, while Jupiter (JUP) suffered the most significant loss, plummeting by over 60% within the same period.

At the time of reporting, the global cryptocurrency market cap stood at $1.51 trillion, reflecting a 24-hour decline of 8.43%.

Bitcoin (BTC) Price Update:
The price of Bitcoin was $42,051.28, marking a 2.05% decrease in the last 24 hours, according to CoinMarketCap. On the Indian exchange WazirX, the BTC price was Rs 37.14 lakh.

Ethereum (ETH) Price Update:
The price of Ethereum was $2,255.67, showing a 3.65% decline in the past 24 hours. WazirX reported the Ethereum price in India at Rs 2.01 lakh.

Dogecoin (DOGE) Price Update:
DOGE registered a 1.82% decrease, with a current price of $0.07864, according to CoinMarketCap. In India, WazirX reported the Dogecoin price at Rs 6.94.

Litecoin (LTC) Price Update:
Litecoin experienced a 2.01% dip and was trading at $66.47 at the time of writing. The LTC price in India was Rs 5,828.

Ripple (XRP) Price Update:
The price of XRP was $0.4974, reflecting a 2.59% loss in the last 24 hours. WazirX reported the Ripple price in India at Rs 44.10.

Solana (SOL) Price Update:
Solana’s price was $93.90, indicating a 7.24% decline in the past 24 hours. In India, WazirX reported the SOL price at Rs 8,800.09.

Top Crypto Gainers (February 1):
According to CoinMarketCap, the top five crypto gainers in the last 24 hours were as follows:

  1. SATS (1000SATS)
  • Price: $0.0005251
  • 24-hour gain: 5.56%
  1. Monero (XMR)
  • Price: $167.14
  • 24-hour gain: 4.44%
  1. ORDI (ORDI)
  • Price: $61.65
  • 24-hour gain: 1.89%
  1. Chiliz (CHZ)
  • Price: $0.1017
  • 24-hour gain: 1.52%
  1. Ronin (RON)
  • Price: $2.76
  • 24-hour gain: 1.45%

Top Crypto Losers (February 1):
According to CoinMarketCap, the top five crypto losers in the last 24 hours were as follows:

  1. Jupiter (JUP)
  • Price: $0.6343
  • 24-hour loss: 60.33%
  1. Sei (SEI)
  • Price: $0.6222
  • 24-hour loss: 12.87%
  1. Manta Network (MANTA)
  • Price: $2.95
  • 24-hour loss: 12.26%
  1. Celestia (TIA)
  • Price: $15.88
  • 24-hour loss: 8.83%
  1. OKB (OKB)
  • Price: $47.48
  • 24-hour loss: 8.77%

Insights from Crypto Exchanges on the Current Market Scenario:

Edul Patel, Co-founder and CEO of Mudrex, stated, “Bitcoin faced a decline below $43,000 after the US Federal Reserve decided to maintain interest rates, influenced by investor expectations of a potential rate cut in March. Despite a brief surge, Bitcoin couldn’t sustain momentum, and it’s currently defending the $42,000 territory against bearish pressures. Ethereum’s trading aligns with Bitcoin, and a fluctuation between $2,100 and $2,400 is likely in the near future.”

The CoinSwitch Markets Desk mentioned, “Bitcoin is seeing a third consecutive red day, hovering near the $42k mark, despite the unchanged interest rates by the US Federal Reserve – in line with market expectations. However, comments by Fed Chair Jerome Powell hinting at a potential rate cut in May, rather than March, have given bears some control in the shorter time frames. In larger time frames, the BTC structure remains bullish, with support levels at $39.3k.”

Rajagopal Menon, Vice President at WazirX, commented, “The Federal Reserve’s decision to maintain interest rates has impacted Bitcoin’s valuation, potentially encountering resistance at $40,000. Bitcoin’s next challenge lies at $40,000 before a possible easing of selling pressure. The forthcoming catalyst could be a surge in demand driven by reduced supply through BTC ETF access. Currently, Bitcoin has recorded a 2.25% decline in the last 24 hours, settling at $41,998.72, with a 4.79% gain over the past week. Ethereum trades at $2,257.09, reflecting a 3.59% drop in 24 hours but a 1.06% increase over the week.”

Sathvik Vishwanath, CEO and Co-founder of Unocoin, explained, “Bitcoin’s recent drop below $43,000 followed a hawkish stance by Federal Reserve Chairman Jerome Powell, suggesting a March rate cut is unlikely. Despite short-term fluctuations, investor confidence remains supported by various optimistic factors, such as the emergence of spot Bitcoin ETFs and strong demand for new offerings from BlackRock and Fidelity. Additionally, expectations around the April halving of Bitcoin and potential supportive US political and fiscal dynamics contribute to a bullish outlook. Despite near-term uncertainty, Bitcoin’s price trajectory points to a potential rally to the low $50,000s, outweighing the prospect of a dip to the low $30,000s in the foreseeable future.”

Shivam Thakral, CEO of BuyUcoin, highlighted, “The crypto market witnessed a fresh decline due to unchanged interest rates by the Fed. The bullish momentum marked by a decrease in grayscale sales and an increase in BTC ETF offerings eventually led to a downward trend caused by the unchanged interest levels. The Altcoin market also took a downturn, which could change unless Ethereum breaches $2500 amid other positive macroeconomic factors.”

The CoinDCX Research Team provided insights, stating, “Over the past 24 hours, the crypto market experienced a shift from positive to slightly bearish conditions, triggered by the Federal Reserve’s decision to maintain unchanged interest rates. BTC, positioned within its range, is currently situated in the middle, with the rising dominance of BTC causing declines in most of the

altcoins. ETH reflects a parallel situation, trading within its established range. Additionally, the market sentiment is influenced by the regular movement of funds through ETFs, contributing to the overall market dynamics.”

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read offer documents along with related literature before making any investment. Cryptocurrency market predictions are speculative, and any investment made shall be at the sole cost and risk of the readers.

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