Crypto prices, which had been rolling this week, retreated on Thursday, underscoring investors’ caution about the industry’s fate and the broader economy. Bitcoin price was recently trading just below $17,000, changing hands at $16,905, off 1% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price dips back below US$17,000, Ether falls, Dogecoin leads losers list
The most valuable cryptocurrency by market capitalization has increased for three days in a row thanks to positive job and productivity reports and expectations that the U.S. central bank will soon relax its tight-lipped monetary policy. In a speech on Wednesday at the Brookings Institute, U.S. Federal Reserve Chairman Jerome Powell suggested that the Fed would hike interest rates by 50 basis points rather than the usual 75 bps.
However, in the 36 hours following Powell’s remarks, cryptos have been less excited about the potential for more liquidity and more worried about a possible chain reaction related to the collapse of the massive crypto exchange FTX and other 2022 scandals currently making their way through the legal system.
Ether was trading down 1.2% at just under $1,300. However, the famous joke coin DOGE recently fell more than 4%. To $0.101, Dogecoin decreased by 4.8%. On the heels of rumors that it would be integrated into a payment mechanism on Twitter after Elon Musk, a longtime supporter of the token, purchased the social media site, the meme coin is still up 24.8% for the past week.
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Other significant cryptocurrencies were mainly in the red but with light shading. The layer 2 Polygon blockchain platform’s MATIC token had a more than 2% decline after gaining in recent days, at least partly due to news that its application programming interface (APIs) would soon be deployed on The Graph, a web3 indexing service.