The total crypto market cap (TOTAL) declined to $2.25 trillion over the past day, with Bitcoin’s (BTC) price dropping to $64,200. Book Of Meme Coin (BOME), which has been in the limelight for days, took the biggest hit, falling by 12% in 24 hours.
The total crypto market cap fell by more than $60 billion in the last 24 hours as the Federal Open Market Committee (FOMC) exhibited a rather hawkish tone toward potential September rate cuts. While yesterday’s meeting resulted in no change in interest rates from 5.25% to 5.50%, there was no certainty about what the next meeting would bring.
“It’s all about the FOMC and Jerome Powell’s decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020,” Brian Quinlivan, Lead Analyst at Santiment, told BeInCrypto.
As a result, TOTAL dropped below $2.25 trillion, losing the support of $2.30 trillion for the first time in two weeks. The total crypto market cap is now close to hitting the support of $2.20 trillion
Expectations of recovery are ripe, but for the same, the $2.30 trillion level would need to be flipped into support again. This could push the total back up towards $2.40 trillion.
#DownTrendStarting #TodayMarketAlert #BinanceTurns7 #BinanceTournament #Write2Earn!
