The price dipped slightly on Monday, giving up slight gains from the weekend as the overall crypto market stabilizes.
The leading cryptocurrency fell 0.34% in the last 24 hours to $65,764.8 at 06:16 am ET (11:16 GMT). On Sunday it had risen to $66,914.
Bitcoin falls after Fed rate decision
On Wednesday of last week, Bitcoin jumped back above the $70,000 mark before retreating that day and continuing lower for the rest of the week. There was a slight increase over the weekend, but so far on Monday, Bitcoin is down slightly.
With the Federal Reserve now projecting only one rate cut for the rest of 2024, risk-driven assets like cryptocurrencies have come under pressure. Higher rates generally pose a headwind for the sector by keeping liquidity levels low while boosting dollar strength.
As a result, Bitcoin is down since Thursday.
Federal Reserve officials said there has been “modest additional progress” toward their 2% inflation target.
At the news conference, Federal Reserve Chairman Jerome Powell said the central bank still does not have the confidence to lower rates even though inflation has eased from peak levels. On the other hand, Powell said that no one has rate hikes as a base case scenario.
Crypto Price Today: Mixed Altcoins
Beyond Bitcoin, most major altcoins also fell slightly on Monday morning.
The world's No. 2 token, Ether, fell 0.37% to $3,496.77, while ADA was down almost 1%. However, it is up 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE fell 0.9% and SHIB fell 2.3%.
On Thursday, U.S. Securities and Exchange Commission Chairman Gary Gensler told senators at a budget hearing that final approvals for ether-trading exchange-traded funds (ETFs) should be finalized. this summer.
