BTC / USD
36,798.79
0.27%
(+99.96)
ETH / USD
2,438.86
0.13%
(-3.12)
XRP / USD
0.62
0.62%
(0)
LTC / USD
107.81
1.67%
(-1.83)
EOS / USD
2.21
0.69%
(+0.02)
BCH / USD
291.07
0.45%
(-1.31)
ADA / USD
1.04
2.63%
(-0.03)
XLM / USD
0.20
1.46%
(-0)
NEO / USD
18.11
0.21%
(+0.04)
XEM / USD
0.10
1.92%
(-0)
DASH / USD
89.34
1.07%
(-0.97)
USDT / USD
1.00
0.1%
(0)
BNB / USD
382.58
3.04%
(+11.3)
QTUM / USD
5.53
1.59%
(+0.09)
XVG / USD
0.01
4.28%
(0)
ONT / USD
0.45
1.45%
(+0.01)
ZEC / USD
90.12
4.59%
(-4.34)
STEEM / USD
0.29
0.21%
(-0)

BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

0


- Advertisement -

Bitcoin (BTC) and the U.S. equity markets fell sharply on Jan. 5, reacting negatively to the minutes from the Federal Reserve’s December FOMC meeting, which showed that the members expect the balance sheet reduction to start after the Fed begins hiking interest rates in early 2022.

Adding to the negative sentiment was the shutdown of the world’s second-biggest Bitcoin mining hub in Kazakhstan, where the internet has been shut down following massive protests by citizens. This caused a dip of about 13.4% in the Bitcoin network’s overall hash rate from 205,000 petahash per second (PH/s) to 177,330 PH/s.

Daily cryptocurrency market performance. Source: Coin360

According to Galaxy Digital Holdings CEO Mike Novogratz, the current decline was with low volumes and he believes that the markets will be volatile in the next few days. Novogratz suggests that a huge amount of “institutional demand” was waiting on the sidelines and he expects Bitcoin to bottom out in the $38,000 to $40,000 zone.

Could Bitcoin and major altcoins continue to face selling or will they bounce off strong support levels? Let’s study the charts of the top 10 cryptocurrencies to find out.