- Bitcoin fell in line with the wider crypto market, with ether and other altcoins also declining.
- Financial markets have been dogged by risk-off sentiment in the run-up to the Fed’s interest-rate decision and press conference later today.
As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility. But the past month has been particularly challenging as Bitcoin and other cryptocurrencies took a hit, mirroring the wider financial market’s risk-off sentiment.During European morning hours on Wednesday, Bitcoin (BTC) dipped below $58,000 – its lowest point since late February – marking a dismal month for the world’s leading cryptocurrency. This represents Bitcoin’s poorest performance since November 2022.
In the past 24 hours, Bitcoin (BTC) has experienced a significant decrease, falling nearly 9%. This drop brought its value beneath the crucial support level of $60,000 around late Tuesday. The broader crypto market, as represented by the CoinDesk 20 Index (CD20), also endured substantial losses, surpassing 8.5%.
Cryptocurrencies have faced increasing uncertainty in the financial world due to growing fears of economic downturn in the U.S., as signs of decreased growth and persistent inflation have dampened expectations for a interest rate reduction by the Federal Reserve. The Federal Open Market Committee will announce its latest interest rate decision later today.
Ether (ETH) experienced a decline of approximately 9%, joining the ranks of other significant cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX), which suffered losses surpassing the 10% mark.
In April, Bitcoin experienced a setback, marking its first monthly decrease since August. This downturn resulted in a 16% drop, which represented the most significant loss since the crypto exchange FTX faced major issues in November 2022.
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2024-05-01 11:34