Bitcoin traded steady as the biggest crypto-asset hovered around the $22,500 level amid volatility, while its peer Ethereum remained at $1,600.
The crypto market globally remained unchanged as traders anticipated the statement from US Federal Reserve Chairman Jerome Powell. However, the trading volume is significantly lower, which suggests that the current market sentiment is bearish and further declines are possible.
Bitcoin has been stable over the past 24 hours. The biggest crypto hovered around the $22,500 mark amid volatility. Its largest peer, Ethereum, was slightly higher, rising slightly more than half a percent but remaining at the $1,600 level. However, altcoins are muted.
Crypto markets endured a tumultuous weekend, with investors and traders attempting to grapple with the effects of the crushing news last week concerning Silvergate Capital, a banking corporation that is amicable to cryptocurrencies. After it failed to file a 10-K, the stock came under severe pressure as the threat of bankruptcy grew.
Leading US crypto players cut banking ties when their settlement platform SEN shut down. Given the overshoot, the markets didn’t react with an extremely bearish bias, with BTC and ETH trading almost flat over the past 24 hours.
Bitcoin up, Cardano down: Crypto tokens trade higher on Tuesday
Popular crypto tokens traded higher on Tuesday, with few exceptions. XRP and Polygon each jumped 2 percent. Cardano lost about a percent among the losers, followed by Litecoin and Solana.
The global cryptocurrency market capitalization traded at $1.03 trillion, slightly increasing over the past 24 hours. However, total trade fell 12 percent to $32.69 billion.
Following the collapse of Silvergate, one of the main banking providers in the crypto industry, the total crypto market cap, including all major tokens, has fallen by over 5 percent in the last week.
Bitcoin has closed in the red for the past few weeks after a 10 percent jump in the mid-week. However, BTC seems to have shown promise as trends continued to build upward momentum. The daily chart of BTC is moving within a high channel pattern.
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