All Eyes on the US Federal Reserve, But Bitcoin Remains Stuck
Despite the highly anticipated interest rate hike from the US Federal Reserve, Bitcoin has not experienced any significant volatility. It continues to trade between $29,000 and $30,000. Meanwhile, altcoins such as Ethereum (ETH) and Ripple (XRP) have shown slight gains, with ETH approaching $1,900 and XRP reclaiming $0.7.
BTC Still Stuck Despite Fed’s Hike
Bitcoin briefly surged above $30,300 before encountering resistance from bears. The price retraced back to $30,000 and even dropped below $29,000, hitting its lowest level in over a month. However, the bulls managed to push the price back up to $29,000 and added a few hundred dollars by Wednesday.
US FOMC Meeting and Bitcoin’s Price
During the US Federal Open Market Committee (FOMC) meeting, Fed Chair Jerome Powell announced an interest rate hike of 25 basis points. Historically, such announcements have impacted Bitcoin’s price, but this time the cryptocurrency remained relatively stable. It briefly spiked to $29,700 on Thursday morning but retraced shortly after.
Bitcoin’s Market Cap and Dominance
Bitcoin’s market capitalization currently stands at around $570 billion. However, its dominance over altcoins has slightly decreased, now sitting at 48.2% on CoinMarketCap.
Hot Take
While all eyes were on the US Federal Reserve, Bitcoin managed to remain stable despite the interest rate hike. This highlights the growing maturity and resilience of the cryptocurrency. As Bitcoin continues to trade within a narrow range, altcoins are showing some positive movement. It will be interesting to see how the market evolves in the coming days.
By
By
By
By
By