Bitcoin’s price saw a slight dip below $66,000 on a fresh Sunday morning, hovering at $66,130 in the last 24 hours. The recent Federal Reserve meeting left investors feeling uncertain. With the Fed members sticking to their revised interest rate predictions, investors are wary of making any significant moves.
The BTC price briefly fell to $65,857 before bouncing back to $66,000. There were speculations about the Fed members potentially revising their interest rate predictions upwards later in the day, which could prompt some selling. Despite a decrease in inflation, the members’ steadfastness in maintaining their 3-year interest rate projections has left investors feeling uneasy.
Even though Powell mentioned that members could adjust their predictions after the latest inflation data, they chose to stick with their initial forecasts. This could mean more days of fluctuating inflation levels, similar to what was observed in the first quarter of the year.
If Bitcoin fails to hold at $66,250, it might see a drop to $64,650 and $63,370 levels, potentially leading to a further decline to $60,200 and beyond.
In the realm of cryptocurrencies, trading volumes decreased on Saturday and continued to weaken on Sunday. The total volume in the crypto markets dropped to $44 billion in the last 24 hours, marking a 40% decline compared to the previous day. The BTCD stands at 54%, with the total market capitalization of cryptocurrencies sitting at $2.41 trillion. BNB Coin, which was previously cautioned at $700, saw the most significant decline, plummeting by 11%.
Several other top 100 cryptocurrencies, such as W, FLOKI, ORDI, and AR Coin, experienced substantial losses of nearly 30%. The projected fear sales for FLOKI Coin materialized as the hours passed, aligning with expectations.
AGIX, STRK, and WLD witnessed around a 20% decrease, while UNI, TON, ROSE, and NOT Coins recorded double-digit gains. However, beyond this group, there were no noteworthy increases among the top 100 cryptocurrencies on a weekly basis. Investors are now keeping an eye out for a potential market shift with a potential surge in interest from ETF channel investors come Monday.
For the latest updates, follow our news on Telegram, Facebook, Twitter, and Coinmarketcap. It’s important to note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own thorough research.
