Bitcoin’s price dipped below $28,000 in the past 24 hours, indicating a further decline.
The altcoins are also not in a good position, as even BNB, which saw gains yesterday, is now in the red.
Bitcoin Decline Ahead of FOMC Meeting
Last week saw significant volatility for Bitcoin, with its price jumping from $27,000 to a multi-day high of $30,000 in a matter of hours. However, the surge was immediately followed by a sharp rejection that brought it back down to the initial price.
Despite this, the deteriorating situation of First Republic seemed to push the cryptocurrency up again, and BTC once again approached the $30,000 mark. However, following another rejection, Bitcoin ended the week at around $29,000. It wasn’t until late Sunday that another price jump occurred.
As $30,000 became visible once again, the bears reappeared, and BTC dropped to $28,000 in a matter of minutes. Despite making some gains since then, Bitcoin still remains in the red, and more volatility is anticipated with tomorrow’s FOMC meeting, where the Federal Reserve is expected to raise interest rates yet again.
Altcoins Also Suffering
The altcoins had a tough time yesterday, and the situation is not much different today. Ethereum exceeded $1,900 until Sunday evening but is now struggling to stay above $1,800 after experiencing several minor daily declines.
BNB was one of the few altcoins that saw gains yesterday. Still, a 3% decrease has caused it to fall below $325 once again.
Other large-cap altcoins, including Ripple, Cardano, Dogecoin, Polygon, Solana, Polkadot, Tron, Shiba Inu, and Avalanche, are also experiencing slight declines.
Over the course of a day, the total crypto market cap has dropped by $20 billion, and over two days, it has evaporated by more than $50 billion, with CMC indicating that the total crypto market cap is now $1.160 trillion.