The crypto market fell 0.67% in the last 24 hours as traders took risks ahead of Wednesday’s FOMC decision. The total value of the crypto market is measuring $2.54 trillion after refusing to decline $2.63 trillion for the third time in two weeks.
Bitcoin lost 0.71% to $76,812 amid an uptrend, while MemeCore (M) led the top 100 losers with a daily decline of 14% on dry volume.
In today’s news:-
- Solana manufacturers supported the Falcona post-quantum signature system, with Anza and Firedancer publishing the first steps on GitHub.
- Senator Thom Tillis said he would vote against the CLARITY Act unless language prohibiting government officials from issuing digital assets was added.
- Tom Lee’s Bitmine deposited another 112,656 ETH 260 million dollars, raising its total holdings to 3,814,245 ETH or 75.11% of its holdings.
Total Crypto Market Cap Slips as Pre-FOMC Caution Drags Liquidity
The total number of crypto market fell 0.66% to $2.54 trillion, the second straight session of declines as traders reduce risk ahead of the Federal Reserve’s April 29 decision. TOTAL pulled back after rejecting $2.63 trillion for the third time in two weeks.
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Pre-FOMC de-risking explains the lack of new stimulus. CME FedWatch shows a 99% probability of a rate hike of 3.50% to 3.75%, but the biggest uncertainty lies in Powell’s press conference, before his successor Kevin Warsh starts on May 15.
The hawkish birds depend on inflation, with the March CPI at 3.3% and oil prices remaining high, it could cut costs significantly. Adding fuel, $281.83 million in long closings over the past 24 hours have taken the pressure out of the system.
The next estimate sits at $2.49 trillion, a benchmark for comparable returns that have already been made.
If $2.49 trillion holds, TOTAL can build up to $2.63 trillion. If it is broken, $2.34 trillion and $2.27 trillion are opened as remaining targets.
Bitcoin (BTC) Falls Into Uptrend as Volume Thins
Bitcoin (BTC) has lost over a percent to $76,812 on the 8-hour chart, with the same pre-FOMC pressure feeding the bottom. BTC has traded in an uptrend since February 24, but the volume gap occurred between April 14 and April 27, when the price rose sharply while the volume fell sharply. This dryness shows that the recent shortfall of $79,567 lacked buyer confidence.
The Fed factor exacerbates technical weakness. BTC fell after the last nine FOMC meetings regardless of the outcome, so traders are releasing long on Wednesday instead of holding. The $281 million in 24 hours long liquidations are in line with the model, and BTC alone costs $120.6 million.
The trend remains positive as long as $75,541 holds, the 0.236 Fib on the video system. An 8-hour close above $79,567 also opens the way to the top of the channel.
A close below $75,541 shows $73,050, and $69,024 as a deep risk.
MemeCore (M) Leads Top 100 Losers With 14% Daily Downloads
MemeCore (M) is sold at $ 3.68 after a 14% drop in 24 hours, leading the top 100 losers. The picture was taken by telegraph. Between March 25 and April 25, M rose to a peak of $4.857 while the daily volume decreased during the event, a similar trend is now weakening BTC’s trend.
Running the macro increased the damage. Pre-FOMC de-crash draws water from speculative corners first, and token memes are at the front of the line. M lost about 26% from its peak of $4.85 in days, cutting 0.236 Fib at $4.03 without buyer protection.
The price is now sitting between 0.236 and 0.382 Fib at $3.51, an immediate support that determines if buyers are resuming. A retracement of $4.03 with steady volume also opens the way to $4.85 at all times. The $3.51 level separates the controlled pullback from a 26% fall to $2.69.
A note Why Is The Crypto Market Down Today? appeared for the first time BeInCrypto.
