After the publication of the Federal Reserve report…Bitcoin drops to its lowest level in 3 months!
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Answer After the publication of the Federal Reserve report…Bitcoin drops to its lowest level in 3 months!
- Fed rate hike increases bitcoin volatility.
- Ethereum is the most affected currency in the recent price decline.
The US Federal Reserve raised the interest rate by 75 basis points, and although it came in line with expectations, the crypto market was affected and fell from the level of 20 thousand dollars to levels of 18 thousand dollars.
To gradually recover at the time of publication of the article to the level of 19,200 dollars.
Altcoins have seen similar volatility, but most of them are actually trading in the green now with the exception of Ethereum.Read:Circle is preparing to acquire a web 3 infrastructure platform in Taiwan…Details here
Bitcoin price volatility and decline after the release of the Federal Reserve’s report:
The past several days have been very painful for Bitcoin bulls, and the peak came on September 19, when the asset dropped to a three-month low of $18,300.
Then, the reaction was fairly positive at that point and the bitcoin price rebounded to $19,000, which is where the coin spent most of the past days.
More volatility was expected yesterday as the US Federal Reserve was about to announce its latest rate hike.
Right before the event, Bitcoin surged to the $20,000 level but was quickly rejected once the Federal Reserve Chairman set a 75 basis point increase.
Within minutes, the bitcoin price dropped to $18,100, its lowest price in more than three months.
Bitcoin has bounced back and is currently trading at $19,000, but its market capitalization is still struggling at $365 billion.
This extreme volatility resulted in liquidations worth Over $300 million over-leveraged traders on a daily scale.
Alternative digital currencies in the footsteps of Bitcoin:
Altcoins had similar moves to Bitcoin yesterday, with a lot of price swings.Read:Dubai Chamber of Commerce signs a memorandum of understanding with a promising crypto project
Now, most cryptocurrencies are colored green except for Ethereum.
Currently, it’s been a week since the second-largest blockchain transition from PoW mining to PoS staking, and the price of Ethereum has been basically struggling during this time frame.
The price of Ethereum has fallen from over $1600 last Thursday to $1200 yesterday.
Although Ethereum is trading $100 higher so far, the coin is still down 3% on the day.
Most of the alternative digital currencies, and as we mentioned above, experienced the same thing as Bitcoin.
Currently, the cryptocurrency market cap has risen to $930 billion after dropping below $900 billion yesterday.
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