The decline of Bitcoin below the $22,000 level and the Ripple XRP break the pattern
Bitcoin price failed to recover in the last 24 hours.
Quite the opposite happened, as it continued to bleed slowly and reached an intraday low of around $21,580 (on the Binance trading platform).
Most altcoins also suffer from declining prices and reduced trading volumes.
However there are some exceptions.
Bitcoin Slips Away From $22K:
Bitcoin is currently trading slightly above $21,600, after drawing an intraday low of $21,580 (on Binance).
This represents a decrease of about 1% on the day with relatively low trading volumes.
Volatility rose on several occasions yesterday but failed to make any meaningful differences.
Jerome Powell, Chairman of the US Federal Reserve, testified before the Financial Services Committee and confirmed that inflationary pressures are currently higher than what the Fed previously expected.
This suggests another 50 basis point rally could happen, but it seems that the markets are already preparing for it.
In the past hours, bitcoin price rose to around $22,200 but has been losing ground since then.
XRP near $0.40:
Ripple’s XRP digital currency is the most active in the past day, as the cryptocurrency gained around 1% and is now approaching the $0.40 pivot level.
It is interesting to note that this is happening while the majority of the other major currencies are trading in the red.
The overall sentiment across the market has fallen somewhat over the past 24 hours, and is now in fear territory.
As for the total value of the crypto market, it lost the $1 trillion level for the first time in several weeks.
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