Bitcoin Drops Below $23000; FOMC Meet Looms
By Laxmikant Khanvilkar
Cryptocurrencies nosedived during the past 24-hours as investors have upped their guard against the key event for the day.
The Federal Reserve rate setting meeting will begin today. Traders expect the Federal Open Market Committee (FOMC) meeting, to raise interest rates by 25 basis points (bps), although some analysts believe that a 50 (bps) hike remains a possibility amid ongoing worries about inflation.
Renewed fears ripped through the markets, making risky assets less attractive. Bitcoin dipped below $22,600 at one point Monday to record, its biggest single-day percentage loss since early November when the FTX meltdown sent the crypto market reeling.
The largest cryptocurrency by market capitalization was recently trading at about $22,720, down more than 4.5% after climbing over $23,900 on Sunday for the first time since mid-August. Ether (ETH) dropped 5% to trade around $1,550 Monday.
Some $44 million worth of BTC long positions were liquidated in the past 24 hours, part of a broader crypto market’s Monday decline.
The global cryptocurrency market cap stands at $1.04 tn, representing a 4.13% decrease over the past 24 hours. The total crypto market volume has risen to $56.82 bn, an 8.62% increase. The amount of DeFi is currently $4.62 bn, making up 8.13% of the total crypto market volume. Stablecoins account for 90.36% of the total crypto market volume, with a total volume of $51.35 bn. Bitcoin’s dominance is currently at 42.39%, with a 0.03% increase from the previous day.
Crypto-exposed stocks also sank, reflecting investors’ nervousness about the crypto market.
Exchange giant Coinbase (COIN) closed down over 8%, while bitcoin miner Marathon Digital Holdings (MARA) sank around 10%.
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