Bitcoin (BTC), the oldest and most-valued crypto coin, dipped down to nearly $23,600 after the US Federal Reserve released its minutes from January’s Federal Open Market Committee (FOMC) meeting, which showed that some committee members wanted to see a higher interest rate hike to control inflation, while others thought it was better to wait first before taking a call. However, BTC managed to swing back again soon enough, managing to rise above the $24,000 level early on Thursday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) — managed to see minor gains across the board. The Stacks (STX) token emerged to be the biggest gainer of the lot, with a 24-hour gain of 15 percent.
The global crypto market cap stood at $1.11 trillion at the time of writing, registering a 24-hour gain of 1.40 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $24,511.23, registering a 24-hour gain of 1.34 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 20.99 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,668.40, marking a 24-hour gain of 1.20 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.43 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour jump of 1.25 percent, as per CoinMarketCap data, currently priced at $0.08592. As per WazirX, Dogecoin price in India stood at Rs 7.49.
Litecoin (LTC) price today
Litecoin saw a 24-hour gain of 0.81 percent. At the time of writing, it was trading at $95.67. LTC price in India stood at Rs 8,174.46.
Ripple (XRP) price today
XRP price stood at $0.3955, seeing a 24-hour jump of 1.59 percent. As per WazirX, Ripple price stood at Rs 33.80.
Solana (SOL) price today
Solana price stood at $24.54, marking a 24-hour gain of 0.44 percent. As per WazirX, SOL price in India stood at Rs 2,095.
Top crypto gainers today (February 23)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Stacks (STX)
Price: $0.7876
24-hour gain: 15.00 percent
Optimism (OP)
Price: $2.78
24-hour gain: 13.50 percent
Tezos (XTZ)
Price: $1.45
24-hour gain: 12.70 percent
Frax Share (FXS)
Price: $11.29
24-hour gain: 12.38 percent
Enjin Coin (ENJ)
Price: $0.545
24-hour gain: 11.22 percent
Top crypto losers today (February 23)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Conflux (CFX)
Price: $0.2917
24-hour loss: 7.00 percent
Filecoin (FIL)
Price: $8.15
24-hour loss: 4.49 percent
UNUS SED LEO (LEO)
Price: $3.34
24-hour loss: 4.23 percent
Trust Wallet Token (TWT)
Price: $1.45
24-hour loss: 2.26 percent
1inch Network (1INCH)
Price: $0.6386
24-hour loss: 2.00 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin’s value dropped to $23,600 after the US FOMC meeting minutes from January were released. Traders prioritized protecting their profits over chasing more gains, leading to the price decline. However, BTC has since bounced back and is trading at $24,200. On the other hand, Ethereum, the second-largest cryptocurrency, trades between $1,600 to $1,650. Market participants have varying responses to the FOMC release.”
WazirX Vice President Rajagopal Menon said, “Bitcoin has seen a slight drop compared to the last 24 hours as the Central Bank of the US released the discouraging FOMC minutes. Similarly, Ether was also laying low and had a little dip in the past 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “The cryptocurrency market witnessed mixed trading patterns as Bitcoin oscillated between $23,800 and $24,200, with a smaller gain of less than 1 percent following the release of the FOMC minutes. Ethereum reflected a muted trend, hovering around $1,640. ADA rose 1 percent to settle at $0.384. Meanwhile, XRP rose significantly to nearly $0.3923. MATIC also saw gains, trading at $1.38. These market movements indicate different investor sentiments but technically 2023 doesn’t seem that bullish for Bitcoin.”
Kunji founder Anurag Dixit offered his take, “Bitcoin’s price saw a big swing from $23,650 to $24,550 from before to after the release of the US Federal Reserve’s FOMC meeting minutes, which were seen as mixed. The minutes showed that while some committee members were in favour of a higher interest rate hike to curb inflation since as early as January rate hikes, others advocated for a wait-and-see approach. Bitcoin’s price has been volatile in recent months, with its value soaring to record highs and then plunging, driven by factors such as regulatory crackdowns and macroeconomic concerns around a hard landing or no landing for the economy.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market was a little jittery after FOMC meeting minutes showed that inflation and recession threats are still real. BTC and other digital assets were in red after the discouraging minutes of the FOMC meeting but the market quickly digested the impact and recovered. BTC is back above the $24,000 mark while other digital assets are also in green. It will be interesting to see if central banks will continue their hawkish stance or relax monetary policies in the coming weeks.”
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 a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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