Bitcoin has shown a price drop amidst the Federal Reserve's refusal to launch a Central Bank Digital Currency (CBDC). The decline is also driven by changing market sentiments.
Bitcoin Falls to $95k
After showing signs of recovery above $100,000, Bitcoin failed to maintain the price uptrend and fell to $95,000 during early trading hours. FED chair Jerome Powell's statement on denying the launch of a CBDC while in charge has impacted market sentiment negatively, further fueling selling.
Altcoin Market: Strong Fluctuations
As Bitcoin loses its momentum, several altcoins have experienced significant price declines, with ENA, CRV, TIA, and TAO dropping most. Most of the top 100 crypto assets are currently down over 9%, losing all gains from the past day. Major altcoins such as SOL, DOGE, XRP, LINK, ADA, and AVAX have also taken a big hit, with all downtrading at a price drop of nearly 6% over the past 24 hours.
Current Crypto Market Situation
According to Coinmarketcap, the crypto market cap has dropped 3.1% to $3.14 trillion today, with a 24-hour trading volume of $101 billion. Despite this, certain cryptocurrencies are showing positive growth: top gainers include PI (Pi Network) at 72%, LMT at 36%, IDEX at 33%, AZERO at 25%, and PRQ at 22%.
The current unstable situation in the cryptocurrency market is caused by the refusal to release a CBDC and a general market sentiment decline. This requires market participants to approach investments carefully.
