In the last day, the price of bitcoin continued to decline, falling below the $28,000 mark.
Even yesterday’s major gainer, BNB, has turned negative today, showing how little better the altcoins are doing.
Bitcoin Decreases Before FOMC Meeting
Last week, there was extreme volatility in the price of bitcoin, which drove it from $27,000 to a multi-day high of $30,000 in just hours. The leg-up was immediately followed by a similarly dramatic rejection, which caused it to drop down to the beginning price.
However, it appeared that First Republic’s escalating problems had pushed the cryptocurrency north once more, and BTC once more approached the $30,000 threshold. However, following yet another denial, bitcoin entered the weekend at about $29,000, and it wasn’t until late Sunday that it actually started another price increase.
The bears returned to the game as soon as $30,000 came back into view. This time, their attempts were more successful because BTC dropped to $28,000 in a matter of minutes. Bitcoin has plunged once more after staying still for a time, reaching a 6-day low of $27,650 (on Bitstamp).
Alts See Red Once More
Altcoins struggled yesterday, and things are not much better today. Ethereum managed to stay over $1,800 until Sunday night, but it is now struggling to do so following a slight daily decrease.
One of the few altcoins in the black yesterday was Binance Coin. BNB, however, has dropped back to below $325 due to a 3% fall.
From the larger-cap alts, Ripple, Cardano, Dogecoin, Polygon, Solana, Polkadot, Tron, Shiba Inu, and Avalanche are also slightly down.
The overall market capitalization of all cryptocurrencies has decreased to $1.160 trillion on CMC after losing an additional $20 billion in one day and more than $50 in two days.