The crypto market is undergoing a slowdown for weeks despite the recent minor 25 bps rate cut announced by the Fed earlier this month. Bitcoin on Wednesday, December 17 reflected a negligible price rise of 0.46 percent that it roped-in over the last day. At the time of writing, the most expensive crypto asset was trading at $86,554. Notably, BTC’s seven day price average shows the asset having dipped by nearly eight percent.
Ether also tailed BTC and clocked a miniscule gain of 0.46 percent in the last 24 hours. Presently, ETH is trading at $2,927. Over the last week, ETH’s average price has dropped by around seven percent.
In conversation with Coin Headlines, market analysts pointed out that the crypto market has shed a significant value in recent sessions amid broader sell-offs that have led to a rise in the investor caution sentiment and subsequently lower asset engagement.
“Bitcoin is trading around $85,500-$87,900, down roughly four percent-five percent today after forced liquidations hit the market, putting pressure on sentiment. Ethereum sits near $2,900–$2,950, slipping around six percent–seven percent, while XRP trades near $1.92 with modest moves. For now, macro uncertainty and regulatory scrutiny weigh on prices,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
On Wednesday, BNB joined XRP, Solana, Tron, Dogecoin, Bitcoin Cash, Chainlink, and Stellar joined BTC and ETH in roping-in profits within the range of 0.20 percent to 4.50 percent in the last 24 hours.
A majority of altcoins continue to show fluctuation in prices on Wednesday. The overall crypto market cap also rose slightly by 0.61 percent bringing its valuation to $2.94 trillion, data by CoinMarketCap showed.
The overall investor sentiment towards the market remains inclined towards fear, the score of 25 on the Fear and Greed Index showed.
The liquidation heatmap by CoinGlass shows over $61.5 million and $58.7 million have been pulled out from the BTC and ETH ecosystems respectively in the last 24 hours. A total of 102,453 traders liquidated around $203.65 million over the last day.