The price of Bitcoin recently dropped below $61,000 due to concerns about the upcoming financial coverage decision of the US central bank.
Market rises after Fed meeting
Before the FOMC meeting, the overall market was in bad shape, but now things have changed. But yesterday, assets saw a bounce as the Federal Reserve reported no major changes. This news helped Bitcoin rise once again, and the rest of the market followed suit.
Following this statement, Bitcoin climbed 4%, ultimately reaching nearly $68,000 in just one business day, representing an increase of $7,000—how amazing is that?
According to the CryptoPotato report
CryptoPotato informed us of the Bitcoin price drops that occurred yesterday morning. Due to these declines, the price of Bitcoin fell to around $61,000, the lowest level in more than two weeks. Three factors contributed to the decline in the Bitcoin price: profit-taking by traders, withdrawals from spot Bitcoin ETFs, and fears about the next FOMC meeting.
The situation improved over the next 12 hours, with Bitcoin recovering about $1,000. However, the genuine increase occurred after the US Federal Reserve’s second FOMC meeting of the year, at which Chairman Jerome Powell stated that the central bank would not raise interest rates further, at least for the time being.
Despite a little decline later in the day, Bitcoin remains above $67,000, representing a 9% gain for the day. This trend is also evident in other altcoins, with ETH rising 13% to surpass $3,500, SOL rising 15% to $190, and DOGE rising 20% to over $.15.
Traders with excessive leverage have suffered losses from these erratic price swings. In the last day alone, approximately 100,000 people have lost everything. Over $320 million has been invested in liquidated holdings, with the highest investment value on Binance being $7 million.
