Bitcoin (BTC) had a rough day on Wednesday, dropping by 1.6% to $28,730. It fell even more today, going as low as $28,340 in Asia trading. It managed to go up a bit afterward, getting closer to $28,600.
Surprisingly, this fall happened even though there were good things happening for bitcoin investing. Europe got its first spot bitcoin EFT on Euronext Amsterdam, and Coinbase Global Inc got permission to offer regulated crypto futures to regular traders. Coinbase said this was a big step for them.
But just like bitcoin, the shares of Coinbase didn’t change much after this news. They closed 0.2% lower and went down 1.5% after trading hours.
Things got worse for the market when the Federal Open Market Committee (FOMC) released meeting notes. These notes made people worried about the economy, and this affected both regular stocks and cryptocurrencies.
The notes said that inflation is still higher than what the committee wants, and the job market is still tight. This means they might raise interest rates again. This news wasn’t good for bitcoin, and its price fell sharply.
Bitcoin chalks up another red candlestick – Source: currency.com
Around the prices of $28,500, $28,400, and $28,300, there seem to be people willing to buy bitcoin, according to Binance’s order book.
Bitcoin has been moving between $29,000 and $30,000 lately. People who want bitcoin to go up will want it to go back to the lower part of this range.
Ethereum (ETH) also had a hard time because of the FOMC notes. The price of ETH compared to USDT went down by 1.15% to $1,807 and now is even lower than $1,800.
Other cryptocurrencies also had their prices go down because of this. Big ones like Binance’s BNB, Ripple (XRP), Cardano (ADA), and Solana (SOL) lost some value this week. Dogecoin (DOGE) and Litecoin (LTC) lost more value, while Toncoin (TON) is the exception, gaining over 12%.
The whole value of all the cryptocurrencies in the world is now about $1.14 trillion, which is 1.6% lower than before.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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