- Overnight BTC fell below the $25,000 support level
- It lost about 4% in value overnight
- It was affected by investor pessimism after the U.S. Federal Reserve meeting
This morning Bitcoin is trading at $25,037. They’re down 3.63% overnight and 5% over the week. Yesterday the rate of BTC was momentarily falling below the support line of $25 ths.. This is the first time we have seen this level since mid-March.
The market capitalization of bitcoin is $489.5 billion or 47.58% of the total cryptocurrency market capitalization.
Ethereum fell 5.44% to $1,650.56. In one week he lost more than 10%. All other altcoins are also mostly down.
The total capitalization of the cryptocurrency market has declined by 3.2% to $1.02 trillion over the past 24 hours. Daily trading volume in cryptocurrencies fell 5.37% to $31.89 billion.
What preceded this?”
The U.S. Federal Reserve met yesterday. As expected, the regulator left interest rates unchanged at 5% to 5.5%. The Fed took a pause after ten consecutive hikes to rein in inflation.
The negative stimulus for the markets was Fed Chairman Jerome Powell’s speech. He said it could take years to fight inflation. The official also said that most Fed members are opposed to starting to cut rates this year.</nbsp;
And the likelihood of further interest rate hikes is very high. Powell is unsure whether another increase will take place at the next meeting. But according to him, the high rate situation will last for about 2 years.