Bitcoin Surpasses $43,000 Mark Briefly Before Pullback
Bitcoin (BTC), the original and most valuable cryptocurrency globally, Cryptocurrency And Bitcoin Price Today Feb 1 briefly breached the $43,000 threshold before retracing its steps early Thursday. The decision by the US Federal Reserve to maintain interest rates seemed to inject a sense of stability into the market. Other leading cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) experienced marginal losses. Notably, the SATS (1000SATS) token emerged as the biggest gainer, with a 24-hour surge of over 5 percent, while Jupiter (JUP) suffered the most significant loss, plummeting over 60 percent within the same timeframe.
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Current Cryptocurrency Prices
At the time of reporting, the global cryptocurrency market cap stood at $1.51 trillion, witnessing a 24-hour decline of 8.43 percent.
Bitcoin (BTC) Price Update
The price of Bitcoin stood at $42,051.28, reflecting a 24-hour decrease of 2.05 percent, according to CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 37.14 lakh.
Ethereum (ETH) Price Update
Ethereum’s price was $2,255.67, marking a 24-hour decline of 3.65 percent. On WazirX, Ethereum was priced at Rs 2.01 lakh.
Dogecoin (DOGE) Price Update
DOGE registered a 24-hour decline of 1.82 percent, priced at $0.07864 according to CoinMarketCap. Its price on WazirX was Rs 6.94.
Litecoin (LTC) Price Update
Litecoin witnessed a 24-hour decrease of 2.01 percent, trading at $66.47, with its price in India at Rs 5,828.
Ripple (XRP) Price Update
XRP’s price was $0.4974, experiencing a 24-hour loss of 2.59 percent. On WazirX, Ripple’s price stood at Rs 44.10.
Solana (SOL) Price Update
Solana was priced at $93.90, marking a 24-hour decline of 7.24 percent. Its price on WazirX was Rs 8,800.09.
Top Gainers and Losers
Top Gainers (February 1)
- SATS (1000SATS)
- Price: $0.0005251
- 24-hour gain: 5.56 percent
- Monero (XMR)
- Price: $167.14
- 24-hour gain: 4.44 percent
- ORDI (ORDI)
- Price: $61.65
- 24-hour gain: 1.89 percent
- Chiliz (CHZ)
- Price: $0.1017
- 24-hour gain: 1.52 percent
- Ronin (RON)
- Price: $2.76
- 24-hour gain: 1.45 percent
Top Losers (February 1) :
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- Jupiter (JUP)
- Price: $0.6343
- 24-hour loss: 60.33 percent
- Sei (SEI)
- Price: $0.6222
- 24-hour loss: 12.87 percent
- Manta Network (MANTA)
- Price: $2.95
- 24-hour loss: 12.26 percent
- Celestia (TIA)
- Price: $15.88
- 24-hour loss: 8.83 percent
- OKB (OKB)
- Price: $47.48
- 24-hour loss: 8.77 percent
Insights from Crypto Exchanges : Cryptocurrency And Bitcoin Price Today Feb 1
Mudrex Co-founder and CEO Edul Patel:
- Bitcoin faced a decline below $43,000 following the US Federal Reserve’s decision, driven by investor expectations of a possible rate cut in March.
CoinSwitch Markets Desk:
- Bitcoin saw its third consecutive day in the red, hovering near the $42k mark, as the US Federal Reserve kept interest rates unchanged.
Rajagopal Menon, Vice President, WazirX:
- The Federal Reserve’s decision impacted Bitcoin’s valuation, potentially encountering resistance at $40,000, with the next hurdle at $40,000 before a potential easing of selling pressure.
Sathvik Vishwanath, CEO and co-founder of Unocoin:
- Bitcoin’s recent drop below $43,000 followed a hawkish stance by Federal Reserve Chairman Jerome Powell, prompting a market reevaluation.
Shivam Thakral, CEO, BuyUcoin:
- The Crypto market witnessed a fresh decline due to the unchanged interest rates by the Fed, reflecting the bullish momentum marked by a decrease in grayscale sales and an increase in BTC ETF offerings.
- The crypto market shifted from positive to slightly bearish conditions following the Federal Reserve’s decision to maintain unchanged interest rates, with BTC dominance causing declines in most altcoins.
Disclaimer
Crypto products and NFTs are unregulated and can be highly risky. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer documents carefully before making any investment. Cryptocurrency market predictions are speculative and carry risks.
