The crypto market has turned red even after the latest FOMC meeting. Bitcoin inches towards the $35,511 mark, and altcoins are getting a beating too.

Bitcoin responded to the Federal Reserve’s 50 basis-point interest rate hike by dropping more than 10% in one day, its most significant decline in two months.

Related Reading | Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back?

Most of the crypto market was up early today, with bitcoin hitting $40,000 after yesterday’s Federal Reserve meeting. Other cryptocurrencies that performed well in the early hours are Cardano, Solana, Polkadot, and Avalanche.

The afternoon market dived, and all cryptocurrencies, including Bitcoin, recorded a significant decline. BTC fell 10%, while altcoins also saw a considerable fall. 

The second-largest cryptocurrency Ethereum fell by 7.8%; other altcoins also had a major decline. For example, DOGE had dropped 5.4% in the last 24 hours while SAND was down 11.8%.

As the cryptocurrency landscape was bearish last week following a rejection at $40,000, it quickly returned below that level and kept losing value. This resulted in an almost two-month low of under $35,511 per coin.

Bitcoin Price
Bitcoin is trading below its two month low with a 10% decline | Source: BTC/USD price chart from Tradingview.com

Yesterday, it was reported that the asset failed to stay above $39,000 and eventually fell below $38,000 again.

Bitcoin was trading at around $38,500 before the FOMC meeting. The Fed Chair Jerome Powell said the institution would raise the interest rates by 50 basis points (instead of the…


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