Crypto price update: Bitcoin and Ethereum on thin ice, HYPE rises 2%
Bitcoin is recovering after last night's crash. A recovery is not really happening yet, while some altcoins are already turning green again.
The crypto market is still not really managing to recover after last night's crash. Bitcoin (BTC) and Ethereum (ETH) have taken a severe blow and are on shaky ground. There are few coins that have recovered, but Hyperliquid (HYPE) is one of them.
In this price update, we'll tell you exactly how the crypto market is doing right now.
Bitcoin has not fallen below this morning's low of $67,650 today. It then rallied to $70,000 before falling back to $68,000, where it bounced back.
However, there is little conviction behind this, which is not entirely surprising given the losses on the U.S. stock market. The S&P 500 fell by 1.05 percent, and the Nasdaq 100 lost 2.13 percent. Chip stocks are falling the most, with Nvidia losing more than 4 percent.
Shortly after 2:30 p.m., Bitcoin peaked after U.S. producer inflation came in slightly lower than expected. This did not alter the expectation that the central bank will raise interest rates for the second time next month.
On the contrary, new statements by Fed officials have only made the market more pessimistic. Higher interest rates tighten financial conditions and make government bonds more attractive.
The 200-week moving average is now the most important level that Bitcoin must defend. That line is currently around $68,000.
At the time of writing, the BTC price stands at $68,570, 4.24 percent lower than 24 hours ago. In euros, the largest cryptocurrency is now priced at 62,233.
The lion's share of the market is currently in a bad state, but it is noteworthy that Bitcoin is one of the biggest decliners.
Ethereum (ETH) comes close with a loss of 4.05 percent. Furthermore, Ripple (XRP) lost 0.72 percent, Solana (SOL) 2.40 percent and Dogecoin (DOGE) 1.01 percent.
HYPE is 2.31 percent more valuable than yesterday, Stellar (XLM) is up 1.15 percent, and NEAR Protocol (NEAR) is up 2.47 percent.
That's not all. Below are the biggest top 100 gainers over the past 24 hours:
Below are the top 100 biggest decliners over the past 24 hours: