Cryptocurrency Market Sees Sharp Decline Overnight
The total value of all cryptocurrencies dropped by about 6% in the last 24 hours, reaching $2.12 trillion. On July 4, this value hit its lowest point since early May.
#bitcoinâïž price fell to $57,630 during European trading hours. Its total value decreased by 4.5% to $1.13 trillion in one day.
Bitfinex experts had predicted earlier this week that Bitcoin would drop below $60,000. They noticed long-term holders were selling their coins on exchanges.
These long-term investors had already sold some Bitcoin in May. They started selling again, causing Bitcoin's price to fall sharply.
Ethereum's price dropped to $3,166, and Binance Coin might fall below $500 soon. Dogecoin's price went down by 8% to $0.111 in a day.
#Shibalnu , another popular meme coin, lost nearly 9% of its value, dropping to $0.000015.
On Wednesday, the U.S. Federal Reserve shared notes from its meeting. They said they probably won't lower interest rates soon. Inflation is still above their 2% goal, which could cause problems for the financial system.
The Fed's decision to keep rates the same makes cryptocurrencies less attractive to some investors. Some experts think Bitcoin's price might drop to $55,000 by the end of the week.
A double top on the #BTCâïž weekly chart and the price just broke below the the crucial $60,000 neckline. 3 days remain until the close of the weekly candle and then we'll know what's up.
