Bitcoin Price Drops to $63K

Bitcoin started the trading week with a correction from above $60,000 to below $58,000 on Monday. After the US Federal Reserve cut interest rates by 0.5% on Wednesday, BTC surged to over $64,000, its highest level in the past three weeks. However, the price has since dropped to around $63,000 and could continue to fall.

Altcoins Are Correcting Too

Altcoins such as ETH, XRP, BNB, TRX, and SHIB fluctuated by less than 1%. Meanwhile, SOL, DOGE, ADA, LINK, and BCH fell by 1-2%. TON, AVAX, and NEAR fell more sharply, down 5%, 4%, and 4%, respectively.

The total cryptocurrency market capitalization has dropped by about $40 billion, now below $2.3 trillion.