Markets
Edges Below $66,000 as Crypto Market Mixed By Investing.com
The price fell slightly on Monday, giving up slight gains from the weekend as the overall crypto market stabilizes.
The leading cryptocurrency was down 0.34% over the past 24 hours to $65,764.8 as of 6:16 a.m. ET (11:16 GMT). It had reached $66,914 on Sunday.
Bitcoin slides following Fed rate decision
On Wednesday of last week, Bitcoin rose back above the $70,000 mark before retreating during the day and continuing to decline for the rest of the week. The weekend saw a slight upward surge, but so far Monday, Bitcoin has declined slightly.
With the Federal Reserve now only forecasting one rate cut for the remainder of 2024, risky assets like crypto have come under pressure. Higher rates generally pose a hurdle for the sector by keeping liquidity levels low, while strengthening the dollar.
As a result, Bitcoin has fallen since Thursday.
Federal Reserve policymakers said there had been “modest further progress” toward its 2% inflation goal.
At the press conference, Federal Reserve Chairman Jerome Powell said the central bank does not yet have the confidence to cut rates, even though inflation has eased from its previous levels. records. On the other hand, Powell said no one has rate hikes as a base case.
Crypto Price Today: Mixed Altcoins
Beyond Bitcoin, most major altcoins were also down slightly on Monday morning.
World No. 2 token Ether fell 0.37% to $3,496.77, while ADA is down almost 1%. However, climbed 2.3%, while SOL gained 1.4% so far Monday. Among meme tokens, DOGE fell by 0.9% and SHIB by 2.3%.
U.S. Securities and Exchange Commission Chairman Gary Gensler told senators at a budget hearing on Thursday that final approvals for ether exchanges of exchange-traded funds (ETFs) are expected to be completed this summer.