Bitcoin price showed a 3.82% drop to $24,800 in 24 hours. According to CoinMarketCap, weekly losses amounted to 5.80%. Ethereum lost 6.10% to $1,635 in 24 hours and fell by 11.24% in a week.
Solana, Cardano and Polygon have fallen by more than 20% over the past week.
The Ripple XRP token topped the list of losers in the top 10 cryptocurrencies. It fell by 6.45% in 24 hours to $0.4697, showing a weekly loss of 9.87%.
The capitalization of the global cryptocurrency market fell by 3.53% to $ 1.02 trillion, and the total volume of the cryptocurrency market over the past 24 hours increased by 22.04% to $ 38.21 billion.
General situation on the markets and its impact on the price of Bitcoin
The market expected the rate to stop, but the statement of the Federal Open Market Committee hinted at a further increase in the future, reduced investor interest in risky assets such as cryptocurrencies.
Federal Reserve Chairman Jerome Powell has made it clear that this is just a temporary pause, which could create additional problems for Bitcoin in the long run.
“As I mentioned earlier, almost all committee members expect that by the end of the year it will be appropriate to raise interest rates a little more,” he said at a press conference, referring to the opinion of the Federal Open Market Committee (FOMC).
Data on Bitcoin options suggest a further decline in the price, especially if we take into account the actions of regulators in relation to the crypto industry in the United States, combined with the likelihood of further rate hikes by the Fed in the coming months.
What will be the price of Bitcoin in the short term
On the 24-hour timeframe, Bitcoin continues a downward correction, which may be the beginning of a new “bearish” trend. Thus, the price of Bitcoin may decrease a little more. In general, the Bitcoin forecast is as follows – the price will be within 24 700 – 25 900 dollars in the near future.