Newton Gitonga
Cryptocurrencies endured a bloodbath following the Fed’s hawkish tone on Wednesday.
Despite the expected 25 bp interest rate reduction, Jerome Powell plunged markets with negative remarks.
Besides signaling a more cautious stance when navigating further policy rate adjustments, Powell dented the hopes of the highly-awaited Bitcoin Reserve.
Jerome Powell’s FOMC speech shook the markets, marking this unforgettable red day. 🚨
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Cryptocurrencies reacted to the Fed’s hawkish signals with wild volatility, with sellers dominating.
Bitcoin lost around $5,000 to $98,900 during Wednesday’s late sessions before recovering to $100,109 at press time.
The alt space suffered the most as many tokens plummeted by double-digits.
Cardano and Curve Finance grabbed investors’ attention as they dipped beneath their respective $1 marks.
Meanwhile, Hedera Hashgraph enthusiasts had positive news following the first physically-backed HBAR ETP launch on Euronext Amsterdam.
Cardano price drops below $1
ADA recorded impressive price actions as it rallied from the vital support barrier at $0.3.
The upside stance saw the token hitting yearly peaks at $0.8 and surged past $1.
However, bearish tendencies emerged as ADA failed to overcome the resistance at $1.3.
The token changes hands at $0.926 after plummeting from 24-hour highs of $1.05.
With its prevailing performance, Cardano will likely experience retracements in the mid-term.
It can slide towards the crucial foothold at $0.8 before upside resumptions.
Extended bearishness could call for support levels at $0.76 and $0.64.
Stability above $0.64 could trigger uptrends for ADA amid broad market recoveries.
The altcoin will likely target $1.42 and $1.72 before exploding towards $2.36.
Curve Finance price performance
CRV hovers at $0.8877 after intensified sell-offs within the past 24 hours.
It touched a daily high and low at $1.0538 and $0.8841, confirming massive volatility behind Curve’s price actions.
The wild declines went against the expectations of many.
For instance, Curve Finance founder Michael Egorov saw his latest acquisition liquidated, confirming the challenges that experienced and newbies encounter amid heightened volatilities
CRV displays significant weakness and will likely slide further before possible recoveries.
The Moving Average Convergence Divergence made a bearish crossover in the daily chart.
Also, the Relative Strength Index reflects faded momentum as sellers dominate.
Hedera HBAR ETP goes live on Euronext
The Hashgraph Group and Valour Digital Securities Limited (VDSL) launched a new product, the Hedera HBAR ETP, on Thursday, currently live on Euronext Amsterdam.
The move underscores the increasing connection between TradiFi and DeFi sectors while offering European investors seamless access to HBAR tokens.
Institutional and retail players can now invest in the native token without regulatory and transparent issues.
On the announcement, DeFi Technologies CEO Olivier Roussy Newton stated,
The addition of our Hedera HBAR ETP to Euronext exemplifies our commitment to simplifying access to cutting-edge digital assets.
Furthermore, the listing magnifies opportunities for retailers and institutions looking to participate in a massive and sustainable Hedera blockchain.
HBAR trades at $0.2879 after losing 2.10% in the past 24 hours.
The post Altcoins today: ADA and CRV prices fall below $1; HBAR ETP debuts in Amsterdam appeared first on Invezz
