The Impact of the Federal Reserve’s Interest Rate Decision on the Crypto Market
The recent announcement by the Federal Reserve regarding its decision to keep interest rates unchanged has had a significant impact on the crypto market. This article will explore the implications of this decision and examine the current state of the market.
Bitcoin’s Declining Price
Bitcoin experienced a slight increase in price leading up to the Federal Reserve’s interest rate decision. However, shortly after the announcement, the price of Bitcoin started to decline rapidly, reaching $26,399 on Bybit and €24,807 on Bitvavo. This represents a 2.9% decrease in value. It is worth noting that Bitcoin has been stuck in a range between $25,000 and $30,000 for the past 190 days.
The Correlation Between Bitcoin and Other Assets
In recent months, the correlation between Bitcoin and other assets has decreased significantly. In fact, the correlation with the US Dollar Index is currently at zero. This raises the question of whether this is a bullish or bearish signal for the market.
Ethereum’s Price Decline
Ethereum has experienced a sharper decline in price compared to Bitcoin. At the time of writing, the price of Ethereum has dropped to $1,574, representing a 3.4% decrease. Analysts have observed weakness in Ethereum’s price compared to Bitcoin, and there are only nine days left for the bulls to close the month above 0.06.
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The Top 10 Crypto Losers
While Ethereum is experiencing a decline, it is not the hardest-hit cryptocurrency in the top 10. Solana (SOL) has dropped by 3.8% to $19.39. Toncoin (TON), which recently entered the top 10, has experienced a significant decrease of 5.8% to $2.35. However, TON is still up 26% compared to a week ago and 100% since the summer.
Surprising Gains: ImmutableX
Despite the overall decline in the market, ImmutableX (IMX) has seen a significant increase in price. The IMX price experienced a jump of nearly 40% overnight. Although it is currently correcting to $0.649, it is still up 22% for the day.
As the crypto market continues to fluctuate, it is important to stay informed and seek support when needed. The premium section of Crypto Insiders offers a vibrant community of over 1,000 members who help each other trade and provides exclusive technical analysis from our analysts. Remember, investing carries risks, and it is advisable to consult with a financial advisor before making any financial decisions.
Tags: Bitcoin, Ethereum, FOMC, ImmutableX, Toncoin