The increased interest rates dragged the riskier assets lower, so there was a profit booking on Thursday. The US Federal Reserve increased the interest rate by another 25 basis points, shunning the hopes that it would turn dovish during the banking crisis.
The US Fed said that there was a pause in the rate hikes, but it ruled out any possibility of a rate cut in the years to come. The risk-averse sentiments weighed on the assets as the jitters returned.
After the interest rate hikes, the largest coin fell below the $28,000 mark and was holding near $27,300. Its largest peer,Ethereum, was down about 4 per cent, falling below the 1750 level. Pain in altcoins was severe.
All other top coin, excluding the US dollar-pegged USD Coin and Litecoin, were trading with big cuts on Thursday. The XRP fell by 9 per cent, while the tron plunged 10 per cent. Solana and BNB were down 5 per cent, each. The only gainer, Litecoin, surged about 7 per cent.
The global market cap was trading at $1.15 trillion, dropping as much as 3 per cent in the last 24 hours. The total trading volume went up about 2 per cent, close to $68.05 billion.
The recent FOMC meeting, where the interest rate hike of 25 basis points was announced by the Fed, interrupted the rally, said Shivam Thakral, CEO of BuyUcoin. The trend was followed byBitcoin andEthereum, along with other digital assets. The changing banking situation in the US is making investors jittery and markets are expected to remain choppy, he said.
Polkadot will be hosting its first global blockchain conference in India with the aim of entering into the Indian Ecosystem. The event will be held in Bangalore on April 1, 2023.
The two-day conference will feature a range of high-profile projects, including KILT Protocol, Astar Network, Moonsama, Public Pressure, Polkassembly, Unique Network, Polkadex and more than 30 diverse speakers from the Polkadot ecosystem.
Render Token RNDR is a distributed GPU rendering network built on top of the Ethereum network, aiming to connect artists and studios in need of GPU compute power with mining partners willing to rent their GPU capabilities out.
The RNDRUSDT price chart has broken out of the megaphone pattern with good volume on the weekly timeframe, it is up by 3 per cent for the day. It bounced back from the 20 EMA exponential moving average and is trading above it, which indicates there is a lot of interest from buyers in the token.
The next resistance for the RNDR token is expected to be around the $1.55 level and the next support could be expected around the $1.16 level.
The analysts' opinions and recommendations do not represent the views of Business Today. Before taking any position in the asset referred to, consult your financial adviser.