BingX Insights

Get the latest blockchain news on BingX.

Bitcoin Slipped Below $28K Ahead of FOMC Meeting: Market Watch

BTCEUR - Jordan Lyanchev 2023-05-02 17:00

Bitcoin’s price took another turn for the worse in the past 24 hours by dropping below $28,000.

The altcoins are in no better shape, as even yesterday’s notable gainer – BNB – has turned red today.

Bitcoin Slips Ahead of FOMC Meeting

Bitcoin experienced massive volatility last week that drove it from $27,000 to a multi-day high of $30,000 in hours. However, the leg-up was followed by immediate and similarly violent rejection that brought it back down to the starting price.

The worsening troubles of First Republic, though, seemed to have pushed the cryptocurrency north again, and BTC came up knocking on $30,000’s door once more. Yet, after another rejection, bitcoin entered the weekend at around $29,000, and it wasn’t until late Sunday that it finally initiated another price jump.

As $30,000 was once again in sight, the bears came back to play. Their efforts had a bigger impact this time, as BTC dumped to $28,000 in minutes. After standing there for a while, bitcoin nosedived once more hours ago and dropped to a 6-day low of $27,650 (on Bitstamp).

Despite recovering some ground since then, bitcoin still trades in the red on a daily scale, just ahead of the next FOMC meeting, in which the Federal Reserve is expected to raise the interest rates once again. As such, more volatility is likely to occur tomorrow.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

Alts See Red Again

The altcoins suffered yesterday, and today’s picture is not that different. Ethereum stood above $1,900 until Sunday evening but now struggles to remain north of $1,800 after another minor daily decline.

Binance Coin was among the very few altcoins in the green yesterday. However, a 3% decrease has pushed BNB back down to under $325.

Ripple, Cardano, Dogecoin, Polygon, Solana, Polkadot, Tron, Shiba Inu, and Avalanche are also slightly in the red from the larger-cap alts.

The total crypto market cap has seen another $20 billion gone in a day, and more than $50 evaporated in two days, and is down to $1.160 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

The post Bitcoin Slipped Below $28K Ahead of FOMC Meeting: Market Watch appeared first on CryptoPotato.