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Why is crypto down today? Looking at Bitcoin, FED, and past week’s sell-off effects!
The cryptocurrency market has seen a significant decline in the last 24 hours, with Bitcoin [BTC] falling by 2.75%. The altcoin market has also shed 2.31% of its value over the same period.
Bitcoin retained a bearish structure on the 4-hour chart
Steady selling was observed recently, but sentiment appeared to point towards a price bounce
In a surprising turn of events, Bitcoin’s Christmas rally began to fade and an attempt to climb past the $100k-mark was halted on Boxing Day. The two-day U.S. Federal Reserve meeting that began on December 17 ended with a policy statement that forecasted just two interest rate cuts in 2025, instead of the previously projected four.
This caused the Dow Jones to fall by over 2.5%, or approximately 1,150 points
These losses were recouped, but Bitcoin has not been treated kindly by the market since then
The wider crypto market generally follows the trend of Bitcoin.
Source: ambcrypto.com
