Bitcoin Sinks Below $58K In Run-Up To Fed Decision
By Kapil Rajyaguru
Bitcoin (BTC) sank below $58,000 to the lowest level since the end of February. BTC has fallen around 6% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.
Cryptocurrencies have been dogged by risk-off sentiment in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that have tapered hopes of an interest-rate cut by the Federal Reserve.
Binance founder Changpeng “CZ” Zhao was sentenced to four months in federal prison on Tuesday having pleaded guilty to charges of enabling money laundering at the crypto exchange.
It remains to be seen which direction the crypto market will take in the short term: towards fear or greed. While another correction is possible, analysts expect prices to rise long-term, as they have always seen after the Bitcoin halvings.
Ether was changing hands around $2910, down by around 3% in the last twenty four hours. Most altcoins were also in the sea of red.
The global crypto market cap is $2.14T, a 3.83% decrease over the last day. The total crypto market volume over the last 24 hours is $105.56B, which makes a 16.53% increase.
The total volume in DeFi is currently $7.63B, 7.23% of the total crypto market 24-hour volume. The volume of all stable coins is now $97.91B, which is 92.75% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.43%, a decrease of 0.93% over the day.
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