the price fell slightly on Monday, giving up slight gains over the weekend as the overall cryptocurrency market stabilized.
The top cryptocurrency fell 0.34% in the last 24 hours to $65,764.8 by 06:16 ET (11:16 GMT). On Sunday, it rose to $66,914.
Bitcoin falls after Fed’s interest rate decision
On Wednesday last week, Bitcoin jumped back above the $70,000 level before retreating intraday and continuing to decline for the rest of the week. There was a slight rally over the weekend, but so far on Monday, Bitcoin has moved slightly lower.
With the Federal Reserve currently only projecting one interest rate cut through the end of 2024, risk-based assets such as cryptocurrencies have come under pressure. Higher rates generally act as a headwind for the sector, keeping liquidity levels low while increasing USD strength.
As a result, Bitcoin’s price has fallen since Thursday.
Federal Reserve policymakers said there had been “slight further progress” toward the 2% inflation target.
At a news conference, Federal Reserve Chairman Jerome Powell said the central bank was not yet confident it could cut interest rates even though inflation had dropped from all-time highs. On the other hand, Powell said that no one would consider an interest rate escalate.
Cryptocurrency price today: mixed Altcoins
Outside of Bitcoin, most major altcoins also fell slightly on Monday morning.
The world’s No. 2 token Ether fell 0.37% to $3,496.77, while ADA fell almost 1%. However, it was up 2.3% on Monday, while SOL has gained 1.4% so far. Among meme tokens, DOGE fell 0.9% and SHIB fell 2.3%.
On Thursday, U.S. Securities and Exchange Commission Chairman Gary Gensler told senators during a budget hearing that final approvals for ether trading in ETFs should be completed this summer.
