The cryptocurrency market experienced significant volatility this week due to various factors. Bitcoin’s price rose to an all-time high of over $108,000, driven by optimism ahead of the US Federal Reserve’s meeting. However, when the Fed announced its decision to maintain interest rates and hinted at slower rate hikes in the future, there was a market-wide sell-off.
Bitcoin’s value plummeted to around $92,000 within hours. Alongside Bitcoin, most altcoins also saw significant losses, with Ethereum dropping by 15%, XRP by 10%, BNB by 8%, Solana by 15%, and Dogecoin by 25%. The sell-off resulted in over $1.3 billion worth of liquidated positions across the cryptocurrency market on Friday alone.
Despite the recent downturn, some analysts believe that this could be a temporary setback rather than the end of the bull run. They suggest maintaining a long-term perspective and staying informed about market developments. Some notable events this week include MicroStrategy announcing another large Bitcoin purchase, Ripple launching its own stablecoin, and BlackRock’s Bitcoin ETF reaching impressive milestones.
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