Bitcoin Faces Rejection at $44K
Bitcoin experienced a strong rejection after briefly reaching $44,000. The US Federal Reserve’s decision to maintain its current monetary policy played a role in this decline.
Last week, Bitcoin hit a low of $38,500 as excitement around ETF approvals diminished. However, since then, the bulls have been in control and have pushed the price up multiple times.
This week, Bitcoin surged to $43,750 before being met with resistance. Yesterday, it attempted another rally but was once again stopped at the same price level, failing to reach $44,000.
The Federal Reserve’s Chair, Jerome Powell, stated that there would be no significant changes in the central bank’s interest rates. This news likely contributed to Bitcoin’s drop to $42,000.
Currently, Bitcoin is trading just above $42,000 with a market cap of $825 billion and a dominance over altcoins of over 51%.
Solana Falls by 5%
Solana has been one of the worst-performing cryptocurrencies recently, experiencing a 5% decline and trading at $95.
Other altcoins are also seeing losses today. Ethereum is down by 2.5% and is trading below $2,300. Binance Coin (BNB) has dropped below $300. Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) have all posted daily losses as well.
Solana and Polygon (MATIC) have suffered the most significant drops among larger-cap altcoins, both falling by over 5%. SOL is struggling at $95, while MATIC is below $0.8.
Lower- and mid-cap altcoins are also experiencing similar losses, resulting in a $30 billion decrease in the total crypto market cap to $1.620 trillion on CoinMarketCap.
Hot Take: Bitcoin Faces Resistance at $44K as Fed Holds Rates
Bitcoin’s attempt to surpass $44,000 was met with strong resistance, leading to a drop back to $42,000. The US Federal Reserve’s decision to maintain its current monetary policy and interest rates likely influenced this rejection. Meanwhile, Solana has been struggling, falling by 5% and trading at $95. Other altcoins have also seen losses, with Ethereum down by 2.5% and trading below $2,300. Overall, the total crypto market cap has decreased by $30 billion to $1.620 trillion. Despite these challenges, Bitcoin remains dominant with a market cap of $825 billion and a 51% dominance over altcoins.
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