- BTC fell below $25K support overnight
- During the day, he lost about 4% in price
- This was influenced by investor pessimism after the US Federal Reserve meeting
Bitcoin is trading at $25,037 this morning. They decreased by 3.63% in a day and by 5% in a week. Yesterday, at the moment, the BTC rate fell below the $25,000 support line. We see this level for the first time 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. It lost over 10% in a week. All other altcoins are also mostly in the red.
The total capitalization of the cryptocurrency market over the past day has decreased by 3.2% to $1.02 trillion. Cryptocurrency daily trading volume fell 5.37% to $31.89 billion.
What preceded this?
Yesterday the meeting of the US Federal Reserve System took place. As expected, the regulator left interest rates unchanged at the level of 5% to 5.5%. The Fed took a break after ten consecutive increases to curb inflation.
A negative stimulus for the markets was the speech of Fed Chairman Jerome Powell. He declaredthat it could take years to fight inflation. The official also said that most members of the Fed are opposed to starting to cut rates this year.
At the same time, the likelihood of a further increase in interest rates is very high. Powell isn’t sure if another raise will come at the next meeting. But according to him, the situation with high rates will last for about 2 years.