Bitcoin price on Wednesday remained subdued as other major cryptocurrencies fell. Most cryptocurrencies, including Ethereum, have moved downward as the crypto industry felt the impact of geopolitical and economic turmoil, according to CoinDesk.
Meanwhile, investors are waiting for a consumer price index report from the US which will provide details on inflation and price rises.
Even though Bitcoin was still trading in the red, the world’s most popular cryptocurrency, showed an improvement of 1.4 per cent from the previous day.
Bitcoin was down by 1.32 per cent at $31,435. Ethereum fell 0.84 per cent to $2,379.
“Bitcoin and Ethereum stabilized a bit on Wednesday. BTC’s support at US$30,000 could keep the short-term buyers active, while resistance holds at US$35,000, while the resistance holds at US$35,000,” Edul Patel, CEO and Co-founder, Mudrex said.
XRP fell 1.09 per cent, Solana was down by 6.59 per cent, Cardano fell by 6.41 per cent, Avalanche fell 10.86 per cent, Stellar was down 4.79 per cent, Polkadot was down 6.17 per cent.
Other major coins, Dogecoin fell 5.22 per cent, and Shiba Inu was down by 4.62 per cent.
“Most altcoins rose, outperforming BTC in the past 24 hours, showing the short-term trader’s high-risk appetite. The market seems to have started to recover a bit from the recent downward trend,” Patel said.