US Fed News: Why Altcoins Are Suffering and Bitcoin Is Gaining Strength

Share This Post

US Fed News

The post US Fed News: Why Altcoins Are Suffering and Bitcoin Is Gaining Strength appeared first on Coinpedia Fintech News

Since January 18, the altcoin market has slipped by at least 7.49%. In the last 24 hours, almost all the top ten altcoins have shown bearish performances. Ethereum has slipped by around 1.4%, Solana by 1.6%, BNB by 0.5%, Dogecoin by 0.7%, and Cardano by 1.3%.

However, the Bitcoin market has showcased a bullish performance during the same period. Importantly, the US Federal Reserve is expected to announce its new interest rate decision within the next 24 hours. According to crypto market expert Michael van de Poppe, the reason for the latest altcoin market crash is the likelihood of no interest rate cuts. Curious to know more? Read on!     

Altcoins Remain Weak 

At the start of January 1, the total market cap of the altcoin market stood at $1.33T. On January 6, the market reached a peak of $1.49T. Though, between January 7 and 9, the market experienced a sharp correction of 10.73%, with a powerful single-day growth of 4.13%, it broke above the closing price of January 6. However, since January 18, the market has declined almost consistently. Between January 20 and 26, the market remained inside the range of $1.38T and $1.53T. On January 27, the market even dropped below the range. Since the beginning of January 28 alone, the market has declined by over 0.71%. 

US Fed Meeting and Market Reaction 

The US Federal Reserve’s interest rate decision is scheduled to be announced tomorrow. The consensus is that the US Fed will keep the interest rate unchanged at the 4.25%-4.5% range. In December, the Fed announced a rate cut of 0.25%. At that time, they hinted that they would bring a brief pause to their rate cut series.

In a recent X post, Michael van de Poppe presented the likelihood of no rate cuts as the primary reason for the latest altcoin crash. 

A Small Chance for Altcoins to Recover 

Meanwhile, crypto expert Poppe noted that if the US Fed hints at future rate cuts, the altcoin market could bounce back. 

An Alternative Trend in the US Market 

The NVIDIA Corp is trying to recover from the sharp fall it witnessed in the recent past. In the last 24 hours alone, the market has recorded a surge of 8.93%.

Likewise, in the last 30 days, Bitcoin has registered a growth of 9.9%, showcasing a strong potential for its future growth.   

The crypto market remains volatile ahead of the US Fed’s interest rate decision. While Bitcoin and NVIDIA are showing strength, altcoins are struggling due to expectations of no rate cuts. If the Fed hints at future cuts, altcoins could see a rebound. 

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Market Slips as FOMC Meeting and FED Interest Rate Decision Loom

The post Crypto Market Slips as FOMC Meeting and FED Interest Rate Decision Loom appeared first on Coinpedia Fintech News The crucial Federal Open Market Committee meeting is scheduled to be

Bitcoin Price Prediction for this Week

The post Bitcoin Price Prediction for this Week appeared first on Coinpedia Fintech News Bitcoin has been going through big price swings, recently dropping below $77,000 before bouncing back to

Pakistan Crypto Council Launches to Regulate Digital Assets

The newly established Pakistan Crypto Council aims to integrate blockchain technology and digital assets into the country’s financial system through clear regulations and innovation-driven policies

OKX Suspends DEX Aggregator After Lazarus Hack Attempt

The post OKX Suspends DEX Aggregator After Lazarus Hack Attempt appeared first on Coinpedia Fintech News On March 17, OKX paused its decentralized exchange (DEX) aggregator after discovering that the

PancakeSwap DEX Leads the Way: CAKE Soars 16% as TVL Hits $1.62B

The post PancakeSwap DEX Leads the Way: CAKE Soars 16% as TVL Hits $162B appeared first on Coinpedia Fintech News After retesting and rebounding from a crucial support level of around $155 in the

Bitcoin To $10 Million? Experts Predict Explosive Growth By 2035

In a new publication titled The Mustard Seed, Joe Burnett—Director of Market Research at Unchained—outlines a thesis that envisions Bitcoin reaching $10 million per coin by 2035 This inaugural