Crypto wrap: Market trading sideways on Fed rate hike, Twitter rebranding

The cryptocurrency market traded sideways last week owing to comments made by US Securities and Exchange Commission (SEC) chairperson Gary Gensler, a rate hike by the US Federal Reserve, and the rebranding of Twitter to “X”.

According to CoinMarketCap, in the last seven days, Bitcoin was down 2 per cent and was trading at $29,207 on Friday. Ethereum, the second-largest digital token by market cap, was down 1.19 per cent and was trading at $1,866. The total market cap was down from $1.19 trillion to $1.17 trillion.