• Bitcoin slipped below $28,000 ahead of a highly anticipated FOMC meeting scheduled for tomorrow.
• Altcoins have suffered even more, with DOT, MATIC, SOL, and others dropping by up to 7-8% in the past day.
• The asset started to retrace after it briefly touched a 9-month high of $28,500 yesterday.
Bitcoin Slips Below $28K Ahead of FOMC Meeting
Bitcoin failed to maintain its upward trajectory after touching a nine-month high of $28,500 yesterday and has now slipped below $28,000 ahead of this week’s Federal Open Market Committee (FOMC) meeting. As a result of this development, the total cryptocurrency market cap has seen over $30 billion wiped off in just one day.
Altcoins Suffer Even More
The altcoin market has been hit even harder than bitcoin due to the recent price movements in BTC – some coins such as DOT, MATIC, and SOL have all dropped by up to 7-8% in the last 24 hours.
Retracement Before FOMC Meeting
The banking crisis that is currently taking place across the US and Europe appears to have triggered a surge in bitcoin’s price performance since it rose from around $20k to nearly touch its nine-month high at above $28k within just seven days. As investors await tomorrow’s highly anticipated FOMC meeting chaired by Jerome Powell which could potentially mean no further hikes on interest rates due to current banking issues; bitcoin has begun to retrace before said event takes place – dipping as low as $27.5k earlier today before recovering slightly back above the 28k mark.
BTC Fear & Greed Index Skyrockets
The BTC Fear & Greed Index also skyrocketed during this period and reached new peaks as investors anticipate what could be an important decision made by the FOMC chairman tomorrow regarding any potential changes or adjustments they may make on existing interest rates due to these banking issues that are currently facing both US and European markets alike.
Next Steps For BTC Price Performance?
With many investors having their eyes fixed on what happens at the next big event for this week; it remains uncertain how far bitcoin will continue its retracement following an impressive run over the past few days or if we will see new highs being reached depending on any future decisions made by Jerome Powell at tomorrow’s FOMC meeting.