Bitcoin slips below $ 28,000 before the FOMC meeting this week: Market Watch
Bitcoin slips below $ 28,000 before the FOMC meeting this week: Market Watch
Bitcoin could not continue his upward trend after it had reached $ 28,500 yesterday, and has slipped below $ 28,000 before the most expected FOMC session for some time.
The old coins have suffered even more, with Dot, Matic, Sol and others collapsed by up to 7-8 % in one day.
BTC reversal before FOMC session
Since the banking problems in the United States worsened and even expanded to Europe, Bitcoin's price development has been almost spectacular. The cryptocurrency rose from $ 28,500 within just over a week and reached a 9-month high. The BTC Fear and Greed Index also shot up and reached new highs.
The high of $ 28,500 was reached yesterday, shortly after it became known that UBS had approved the purchase of the stricken banking giant Credit Suisse. However, the asset began to trace back in the following hours and used to fall to $ 27,500 today. Although it has recovered a few hundred dollars since then, it is still under 28,000 dollars.
All eyes of the financial world will be aimed at Jerome Powell tomorrow-the chairman of the US Federal Reserve. The next FOMC session is scheduled for March 22nd and the banking crisis could prevent the central bank from further interest rate increases.
In fact, prominent billionaires like Elon Musk and Bill Ackman believe that the Fed should return from their current monetary policy and even reduce interest rates by up to half a point.
btcusd. Tradingview
old coins are traced back hard
Most old coins recorded remarkable profits in the last week, but there are now some big retracements in Tagesskala. After a further decline, Ethereum has removed 2.3 % of $ 1,800. Binance Coin is again $ 330 again after a decline.
More losses come from people like Matic, Doge, Sol, Dot, Shib, LTC and Avax. The landscape with the mid-cap alternatives is no different, with Cro, ICP, GRT, APE, VET, FIL, APT and others who crash by up to 8 % in one day.
Therefore, it is not surprising that the entire crypto market capitalization has dropped to $ 1.150 trillion in one day.
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