Markets
Margins Below $66K as Crypto Market Mixes By Investing.com
the price fell slightly on Monday, giving up slight weekend gains as the overall crypto market stabilizes.
The leading cryptocurrency fell 0.34% in the last 24 hours to $65,764.8 at 06:16 ET (11:16 GMT). It rose to $66,914 on Sunday.
Bitcoin Falls After Fed Rate Decision
On Wednesday last week, Bitcoin jumped above the $70,000 mark before retreating on the day and continuing lower for the rest of the week. The weekend saw a slight upward push, but so far on Monday, Bitcoin has fallen slightly.
With the Federal Reserve now projecting only one rate cut for the remainder of 2024, risk-oriented assets such as cryptocurrencies have come under pressure. Higher rates generally act as a drag on the sector, keeping liquidity levels low while boosting USD strength.
As a result, Bitcoin has fallen since Thursday.
Federal Reserve policymakers said there had been “modest further progress” toward their 2% inflation target.
At the press conference, Federal Reserve Chairman Jerome Powell said the central bank still does not have the confidence to cut rates despite inflation having eased from peak levels. On the other hand, Powell said that no one has rising rates as a base case.
Crypto Price Today: Altcoins Mixed
In addition to Bitcoin, most major altcoins also fell slightly on Monday morning.
World’s #2 Token Ether fell 0.37% to $3,496.77, while ADA fell almost 1%. However, is up 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE fell 0.9% and SHIB fell 2.3%.
On Thursday, U.S. Securities and Exchange Commission Chairman Gary Gensler told senators at a budget hearing that final approvals for exchange-traded funds (ETFs) that trade ether should be completed this summer.