Bitcoin Price Calms at $118K Ahead of FOMC Meeting, BONK Dumps Hard: Market Watch
Main Idea
Bitcoin (BTC) experienced volatility around the $118,000 mark ahead of the FOMC meeting, while altcoins faced significant declines, with some dropping over 5% in a day.
Key Points
1. BTC fluctuated between $114,500 and $120,000 due to Galaxy Digital selling 80,000 BTC, later rebounding to $118,000.
2. BTC's market cap remains near $2.350 trillion, with dominance over altcoins rising to 59.6%.
3. Ethereum dropped 1.6% to near $3,800 after being rejected at $3,900, while XRP fell 2% to around $3.1.
4. Altcoins like SUI, HBAR, AVAX, ENA, TAO, and ICP saw declines exceeding 5%, with BONK losing 13% in 24 hours.
5. The total crypto market cap decreased by $60 billion overnight to $3.940 trillion.
Description
Bitcoin’s price actions have calmed in the past several hours around the $118,000 mark, perhaps in anticipation of the FOMC meeting scheduled to take place later today. Most altcoins are in the red today, led by substantial losses from some larger caps like SUI, HBAR, AVAX, ENA, TAO, and ICP. BTC Anticipates FOMC Meeting The primary cryptocurrency nosedived at the end of the previous business week, dropping from over $119,500 to a 14-day low of $114,500 within hours as Galaxy Digital was selling...
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