Crypto Market Watch: Bitcoin Clings to $29,000, DOGE Up After Elon Musk Rebrands Twitter as X

Ahead of another interest rate hike expected in the US, most cryptocurrencies reflected losses on Tuesday, July 23. Bitcoin on Tuesday recorded a price dip of 2.64 percent to trade at $29,077 (roughly Rs. 23.7 lakh). In the last 24 hours, the value of BTC dropped by $640 (roughly Rs. 52,345). Bitcoin's volatility is currently dipped to its lowest level in a year as investors await the Federal Open Market Committee (FOMC) meeting this week. The 30-day estimate for BTC volatility has fallen to just 0.74 percent, which is the lowest level since January 16, 2023.

Ether tagged along with Bitcoin on the red side of the crypto price charts. The altcoin registered a loss of 2.30 percent to currently trade at $1,850 (roughly Rs. 1.5 lakh). Ether's price point remains almost unchanged in the last 24 hours.

"FOMC is expected to raise interest rates by 25 basis points this week with an expectation that this may be the last rate hike by the Federal Reserve in the foreseeable future. In addition to the Federal Reserve's interest rate resolution, the US will release its initial jobless claims for the week ending July 22nd. This economic indicator offers crucial insights into the country's labour market health and economic recovery progress," the CoinDCX research team told Gadgets 360.

Tether, Binance Coin, Ripple, USD Coin, and Cardano recorded losses on Tuesday.

Other loss-making cryptocurrencies include Solana, Tron, Polygon, Polkadot, Litecoin, and Avalanche.

The valuation of the crypto sector dropped by 1.68 percent in the last 24 hours to trade at $1.17 trillion (roughly Rs. 95,64,352 crore), as per CoinMarketCap.

The crypto fear and greed index has swung back into the neutral zone after observing a drop of five points; the current score is at 50/100.

“DOGE (+8.0 percent) has shown a positive price action within a few minutes after Twitter CEO Elon Musk changed the Twitter logo to X.com - with his location teasing the DOGE logo, making traders speculate the use of DOGE on the new x.com / Twitter app,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Alongside the popular memecoin, only a small number of altcoins managed to see small gains.

These include Leo and Qtum.

Meanwhile, a crypto project founded by OpenAI co-founder Sam Altman named Worldcoin (WLD) has been listed on major international crypto exchanges. WLD is the native token of the privacy-preserving digital identity (World-ID) and was trading on a fully diluted market cap of $22 billion (roughly Rs. 1,79,875 crore). Some investors who had given their iris data on launch have received a part of the WLD token.