Bitcoin Stabilizes at $27K After FOMC Meeting
After a series of days setting new local highs, bitcoin has finally settled around the $27,000 mark. This is surprising considering the recent meeting of the US Federal Reserve (FOMC) that took place yesterday.
BTC’s Recent Performance
Last week, the primary cryptocurrency began gaining momentum after a crash on Monday and reached over $26,500 by midweek. It continued to climb steadily and surpassed $27,000 by Saturday.
However, it couldn’t maintain this upward trend during the weekend and retraced back to $26,500 by Sunday. The bulls once again stepped in at the start of the new week and pushed bitcoin above $27,000 multiple times. On Tuesday, it even reached its highest price in 20 days at $27,500.
Despite expectations of increased volatility following the FOMC meeting, where the US Federal Reserve announced no interest rate hikes, bitcoin has remained relatively stable at $27,000.
Altcoins Experience Minor Losses
Most altcoins are also seeing slight losses within the past 24 hours. Ethereum and Binance Coin have both retraced just over 1% and are currently trading at $1,620 and $213 respectively. Other cryptocurrencies like Ripple, Solana, Polkadot, Polygon, and Shiba Inu have experienced losses of up to 1%.
Cardano, Tron, and Litecoin are among the altcoins with larger declines. However, Toncoin stands out as today’s worst performer after recording significant weekly gains. It has retraced by more than 7% and is currently priced at $2.35.
Market Overview
Although the total crypto market cap has decreased slightly, it still remains above $1.070 trillion according to CoinMarketCap.
Hot Take: BTC Holds Steady Despite FOMC Meeting
Bitcoin’s ability to stabilize around $27,000 after the FOMC meeting demonstrates its resilience in the face of potential market volatility. Despite fluctuations and retracements, BTC continues to maintain a strong position. With altcoins also experiencing minor losses, the overall market remains relatively stable. As investors closely monitor market developments, bitcoin’s performance will continue to be a key indicator of the cryptocurrency market’s overall health and stability.
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