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Author: Admin | 2025-04-28
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Bitcoin (BTC) is continuing its downward trend today as crypto investors digest the results of the latest Federal Open Market Committee, or FOMC, meeting. After the Fed held interest rates steady at the June meeting, many have lost hope for significant rate cuts before the end of the year, sending crypto down.Although bitcoin is still up more than 45% year-to-date, the world’s oldest cryptocurrency is down more than 5% over the past 24 hours. This means bitcoin—which soared to an all-time high above $73,000 in March—is back down to $61,000.Ethereum (ETH), the world’s leading altcoin, is also down more than 5% over the past 24 hours, bringing ETH’s price back down to about $3,300. Bitcoin’s price decline has affected almost the entire cryptosphere.Other leading altcoins are down as well. Solana (SOL) and BNB Coin (BNB) are each down 3%. Cardano (ADA) is down more than 2%, while XRP (XRP) is down 1%.Featured Cryptocurrency Partner OffersWelcome Offer: Open & fund an account on eToro, get $10 free crypto!Cryptocurrencies Available for Trade BTC, BCH and ETHFees (Maker/Taker) 0.95%/1.25%Cryptocurrencies Available for Trade 250+Learn More On Uphold's WebsiteDon’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you shouldn't expect protection if something goes wrong.Bitcoin began its latest descent following the June FOMC meeting. The Fed held the federal funds rate steady, erasing any hopes of a rate cut in the first half of the year and spooking some crypto investors.Lower interest rates tend to allow cash to flow into more speculative assets such as cryptocurrency, increasing the value of those assets.Bitcoin’s price dip today is a continuation of that trend that began after the June FOMC meeting. Over the past two weeks, outflows from crypto exchange-traded funds, or ETFs, have reached $1.2 billion. Bitcoin is down more than 6% over the past week.As the crypto industry weighs the Fed’s latest interest rate decision, it is also anxiously awaiting another key metric. The May personal consumption expenditures, or PCE, price index is due this Friday. This is the Fed’s preferred inflation gauge, and therefore can have a significant impact on markets.The crypto market is typically nervous before the PCE release, and investors will be looking for a positive sign that inflation is under control and
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