Bitcoin’s Wild Ride: Will the FOMC Meeting Be the Next Rollercoaster Drop?

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Bitcoin‘s Wild Ride: Will the FOMC Meeting Be the Next Rollercoaster Drop? 😱🚀

Bitcoin’s Wild Ride: Will the FOMC Meeting Be the Next Rollercoaster Drop?

Oh dear, it seems like someone forgot to tell Bitcoin that the market doesn’t usually go up in a straight line. After a turbulent night, the king of cryptocurrencies has managed to recover most of its losses and is now sitting pretty at over $102K, waiting for the FOMC meeting like a 🐶 waiting for its dinner.

The altcoins, on the other hand, have been retracing their steps over the past 24 hours. SOL, DOGE, LINK, and ADA have been charting the most substantial losses, like they’re trying to retrace their steps back to the beginning of time. 🤣

BTC Awaits FOMC

Last Monday, Bitcoin’s price went on a wild ride that would make even the bravest rollercoaster rider scream in terror. It fluctuated so much that it went under $100K before charting a new all-time high above $109K. But the rest of the week was relatively calm, with BTC staying around $104K like a 🐌 taking a nap.

The weekend was also uneventful, unlike the previous one. Bitcoin increased slightly and tapped $105K by Sunday evening, but Monday began on a highly negative note. The bears pushed the cryptocurrency under $100K, and it kept crashing until it hit a multi-day low of $97,800. After another unsuccessful recovery attempt, the bulls finally stepped up in the evening and pushed Bitcoin back to over $100K. Since then, it has been hovering around $102K like a 🦋 waiting for spring.

More volatility is expected today after the conclusion of the Fed’s first meeting for the year. Bitcoin’s market cap now stands above $2.020 trillion, while its dominance over the alts is north of 56% again on CG.

Alts Correct

The altcoins were charting some impressive gains yesterday, but the landscape is different today. Ethereum was stopped at $3,200 and now sits closer to $3,100 after a 2% daily decline. XRP is below $3.1 again after a minor daily correction.

More painful declines come from the likes of DOGE, SOL, ADA, LINK, AVAX, XLM, and others. In contrast, WIF has skyrocketed by 15% over the past 24 hours and sits above $1.3, like a 🚀 blasting off into space.

Next in line in terms of daily gains are MOVE (12%) and TAO (11%).

The total crypto market cap has lost over $50 billion in a day and is down to $3.6 trillion on CG.

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2025-01-29 13:22