Bitcoin (BTC) Price Crashes To A Record Low Of $24,833 After FOMC

Key Points:

• Bitcoin’s value dropped to $24,833 after the FOMC, causing concern among investors.
• Ethereum also fell by 5.28%, while SOL and MATIC each dropped over 5%.
• Despite this, some investors remain optimistic about Bitcoin’s future prospects.

Bitcoin’s value dropped to $24,833 after FOMC, affecting Ethereum, SOL, and MATIC each dropped over 5%. Unlike the previous altcoin crash, BTC and ETH were the leading decliners.

As of Wednesday, Bitcoin’s value has dropped to as low as $24,833, according to TradingView data after the FOMC. This sudden drop also affected Ethereum, which fell by 5.28%. Unlike the previous altcoin crash, Bitcoin and Ethereum were the leading decliners, with only CRV falling by over 10%. Investors shrugged off the U.S. central bank’s widely expected halt to interest rate hikes, causing major altcoins to take a late afternoon dive and sink into negative territory.

BTC has been trading down 3.63% over the past 24 hours after a late afternoon (ET) drop that sent the asset to its lowest level since mid-March. BTC has largely been treading water nearer $26,000 for most of the past five days as investors weighed the initial impact of Securities and U.S. Exchange Commission (SEC) lawsuits against crypto exchange giants Binance and Coinbase, Fed monetary policy signals, and other macroeconomic uncertainties.

This recent drop in Bitcoin’s value has caused concern among investors, especially with the current economic climate. While other major cryptos mentioned in the SEC actions plunged late, the native cryptos of the Solana and Polygon smart contract networks, SOL and MATIC, each fell more than 5%. However, some investors remain optimistic about Bitcoin’s future prospects, pointing to its past resilience in the face of market fluctuations.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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