Reserve Dollar

Jerome Powell

Bitcoin

Reserve

The cryptocurrency market is experiencing significant fluctuations, with <a href="https://cryptoticker.io/en/token/BTC" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, <a href="https://cryptoticker.io/en/token/ETH" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, and <a href="https://cryptoticker.io/en/token/XRP" rel="noopener noreferrer nofollow">XRP</a> facing substantial challenges. Recent comments by Federal Reserve Chair Jerome Powell and market dynamics have influenced the prices and trends of these major cryptocurrencies.
<h2 id="strong-bitcoin-slides-after-fed-s-interest-rate-decision-strong">Bitcoin Slides After Fed's Interest Rate Decision</h2>
<a href="https://www.tradingview.com/symbols/BTCUSD/?aff_id=127958" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> saw a sharp decline following hawkish remarks from Federal Reserve Chair Jerome Powell.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/BTCUSD_2024_06_13_1_D_ac639647c8.png" alt="By TradingView - BTCUSD_2024-06-13 (1D)">Earlier, Bitcoin had rallied to nearly $70,000 due to cooler-than-expected US inflation data. However, Powell's comments that the Fed's rate decisions remain "data dependent" and his reluctance to commit to specific rate cuts tempered bullish sentiment.&nbsp;
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/BTCUSD_2024_06_13_5_D_a066a14d0e.png" alt="By TradingView - BTCUSD_2024-06-13 (5D)">The Fed maintained its benchmark interest rate as expected, leading to Bitcoin paring a significant portion of its gains, now trading around $67,500.
<figure class="image"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/BTCUSD_2024_06_13_LIVE_944058862e.png" alt="By TradingView - BTCUSD_2024-06-13 (LIVE)">
</figure>
<h2 id="strong-ethereum-in-critical-consolidation-phase-strong">Ethereum in Critical Consolidation Phase</h2>
<figure class="image"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ETHUSD_2024_06_13_1_D_fd5d72d13d.png" alt="By TradingView - ETHUSD_2024-06-13 (1D)">
</figure>
<a href="https://www.tradingview.com/symbols/ETHUSD/?aff_id=127958" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> has faced significant hurdles, entering a consolidation phase after hitting resistance at $3,800. This phase, often a sign of market indecision, has seen Ethereum's price drop to around $3,500.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ETHUSD_2024_06_13_LIVE_5874fd18a2.png" alt="By TradingView - ETHUSD_2024-06-13 (LIVE)">
Despite early momentum, ETH's price action has surprised many traders. Several factors, including initial liquidity issues, macroeconomic influences, and investor sentiment, have contributed to this decline.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ETHUSD_2024_06_13_5_D_919d338e38.png" alt="By TradingView - ETHUSD_2024-06-13 (5D)">
Bitcoin's struggle below $70,000 also impacts Ethereum, as the broader cryptocurrency market feels the effects of Bitcoin's fluctuations. Technical indicators reveal a significant sell-off and a bearish crossing of short-term moving averages below long-term ones, signaling potential further declines despite strong fundamentals.
<h2 id="strong-xrp-nears-potential-all-time-low-strong">XRP Nears Potential All-Time Low</h2>
<a href="https://www.tradingview.com/symbols/XRPUSD/?aff_id=127958" rel="noopener noreferrer nofollow">XRP</a> is facing severe challenges, having lost several key support levels, including the 50-day EMA and the psychological level of $0.5.&nbsp;
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/XRPUSD_2024_06_13_LIVE_0a536c8017.png" alt="By TradingView - XRPUSD_2024-06-13 (LIVE)">This downtrend raises concerns about whether XRP will reach its annual low of $0.44. XRP has been steadily losing value, with technical indicators pointing to a bearish outlook. The 200-day EMA remains significantly above the current price, highlighting the long-term downtrend.&nbsp;
<figure class="image"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/XRPUSD_2024_06_13_1_D_fae847dbc7.png" alt="By TradingView - XRPUSD_2024-06-13 (1D)">
</figure>
A lack of substantial buy-side interest exacerbates XRP's struggles, as macroeconomic uncertainties deter investors. Without significant purchasing power, XRP finds it difficult to maintain, let alone increase, its value.
<figure class="image"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/XRPUSD_2024_06_13_5_D_34bf616674.png" alt="By TradingView - XRPUSD_2024-06-13 (5D)">
</figure>
&nbsp;
The cryptocurrency market is currently marked by significant volatility and uncertainty. Bitcoin's price has been impacted by the Fed's interest rate decisions, Ethereum faces consolidation issues, and XRP is at risk of hitting new lows. These developments underscore the complex dynamics influencing the market and the importance of monitoring technical and fundamental indicators.

Crypto Market DOWN As Bitcoin Slides, Ethereum Consolidates, And XRP Nears New Lows

Table of Contents

CryptoTicker ENG

Other articles published on Jun 13, 2024

Injective and Bitoro to Launch Cost-Effective Futures Trading Platform

Bitcoin Runes – A Streamlined Approach to Tokens on Bitcoin

Clicker Games In Telegram Make Bullish Case For Toncoin (TON)

Solana (SOL) Price Struggles to Break $155 Resistance Amid Volatility

Solana vs Ethereum-Based Memecoins: Who Takes Top Spot?

Leading Analysts Say These 3 Altcoins Will Hit New All-Time Highs in 2024!

Join our free newsletter for daily crypto updates!