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Margins Below $66,000 as Crypto Market Mixed From Investing.com
the price fell slightly on Monday, giving up slight gains from the weekend as the overall cryptocurrency market stabilizes.
The leading cryptocurrency fell 0.34% over the past 24 hours to $65,764.8 as of 06:16 ET (11:16 GMT). It had risen as high as $66,914 on Sunday.
Bitcoin slides following Fed rate decision
On Wednesday last week, Bitcoin jumped back above the $70,000 mark before retreating later in the day and continuing to fall for the rest of the week. The weekend saw a slight push higher, but Bitcoin has pushed slightly lower so far on Monday.
With the Federal Reserve now forecasting just one rate cut for the remainder of 2024, risk-oriented assets such as cryptocurrencies have come under pressure. Higher rates generally pose a headwind for the sector by keeping liquidity levels low, while aiding USD strength.
As a result, Bitcoin has been moving lower since Thursday.
Federal Reserve policymakers said there was “modest further progress” toward its 2% inflation target.
During the press conference, Federal Reserve Chairman Jerome Powell said that the central bank still lacks the confidence to lower rates even though inflation has fallen from peak levels. On the other hand, Powell said that no one has raising rates as a base scenario.
Cryptocurrency Price Today: Mixed Altcoins
In addition to Bitcoin, most major altcoins also fell slightly on Monday morning.
Number 2 token in the world Ether fell 0.37% to $3,496.77, while ADA fell nearly 1%. However, rose 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE fell 0.9% and SHIB fell 2.3%.
U.S. Securities and Exchange Commission Chairman Gary Gensler told senators at a budget hearing on Thursday that final approvals for exchange-traded funds (ETFs) to trade ether are expected to be completed this summer.