Gram Price Sinks to $1.45 as Crypto Market Tumbles
The Gram token has seen a significant drop in price over the past day, falling to $1.45 from its previous value of around $1.50. This decline is part of a broader market trend, with the crypto market as a whole experiencing a 2.82% fall today.
According to CoinMarketCap's Gram page, the token has dropped by 3.55% over the past 24 hours and is currently trading near its support level at $1.425. The weekly close reads -4.41%, with price at $1.452 against a 50-week EMA of $1.968.
Gram's movement in lockstep with the broader market suggests that rate-hike worries are contributing to its decline. The token's high-beta nature means it is more sensitive to market fluctuations than other assets.
The market is waiting for the Fed's rate decision after July 29, and Gram's price will likely be influenced by this event. Traders are cautious ahead of the decision, with spot Bitcoin ETFs seeing $11.6M in outflows on July 27.