Bitcoin (BTC) Price Fumbles, Loses 10.32% in Last 24 Hours!

Amid the Market Crash, Prices of Major Coins Reached 6-Months Low
  • The Federal Open Market Committee will convene for the first time this year.
  • The price of Bitcoin is presently hovering around $38,500.

El Salvador was the first government to declare that Bitcoin (BTC) will be accepted as currency in 2021. Organizations worldwide are also debating the use of cryptocurrencies. It’s not only powerhouses like Coinbase and Square expanding into the crypto game. In addition to PayPal and Venmo, several third-party payment channels have joined the party.

Macroeconomic conditions, such as fears about the tightening of US monetary policy, continue to impact the price of bitcoin (BTC). In November, Bitcoin hit an all-time high of $69,000, the highest level ever recorded.

BTC/USDT: Source: TradingView

Despite this, it has dropped dramatically since that point in time. The price of bitcoin is presently hovering around $38,500, where it was as recently as the beginning of August. Bitcoin is down 10.32% in the last 24 hours.

Read More: Bitcoin Price Prediction

The House Always Wins

Dennis Porter, a crypto enthusiast and the host of SmartPeopleShit, stated that the house always comes out on top when it comes to Bitcoin.

Another prominent crypto researcher, Lark Davis, who has almost a million Twitter followers, posed the following question to his followers:

“Are you buying anything on this dip? Or waiting for clarity if we go lower or higher?”

On January 25 and 26, the Federal Open Market Committee will convene for the first time this year. In light of the most remarkable inflation rate in the United States in 40 years, the prognosis for monetary policy in the country is unfavorable. As a result of growing inflation, the Fed is widely anticipated to raise rates multiple times this year. Ethereum’s value has fallen to a level last seen in September, at roughly $2,800.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.