Bitcoin dropped below $ 25,000

On Wednesday, June 14, the US Federal Reserve left the level of its key policy rates unchanged at 5−5.25%. At a press conference following the Central Bank’s meeting, Fed Chairman Jerome Powell said that the US economy’s growth rate and labor market conditions amid aggressive monetary tightening were better than expected. This is likely to contribute to the Fed’s continued struggle to reduce inflation.

According to Powell, the pause was made to allow the Fed to gather more information before determining whether to raise rates again. «The pace of action is now less important than finding an end point at which price growth slows significantly and unemployment growth is minimized,» the official said.

The cryptocurrency market reacted to Powell’s speech with a decline — over the past day, the industry’s total capitalization has fallen by 3.2% to $ 1.01 trillion. The level of support for the global market capitalization at $ 1 trillion is considered to be key. Many cryptocurrency analysts believe that if the crypto market capitalization continues to fall, it will threaten bearish dynamics. Against the backdrop of the events, the flagship cryptocurrency failed to hold the $ 25,000 mark.

According to the analytical tracker CoinMarketCap, on June 14, bitcoin is trading at $ 24,902, which is 3.67% lower than yesterday. The market capitalization of the BTC $61,584.12 Bitcoin 0.94% Market capitalization $1.21 trillion VOL. 24 hours $0.71 billion asset is $ 522 billion, and traders have made daily trading deals worth $ 15.9 billion. The dominance of the BTC on the market slipped by only 0.02% to 47.5%.

The Fear and Greed Index plummeted to 41, illustrating the negative sentiment of traders and investors.

As forEthereum, at the time of writing, the asset is worth $ 1,635. Over the past 24 hours, the cryptocurrency ETH $3,396.00 Ethereum -0.01% Market capitalization $408.15 billion VOL. 24 hours $0.32 billion has fallen by almost 6%. The coin’s market capitalization is $ 196.6 billion, and daily trading volumes exceeded $ 196.6. ETH’s market share is 19.3%.

Other leading cryptocurrencies also lost significantly in value over the past day. Among the top 10, Tron TRX $0.13 TRON 0.88% Market capitalization $10.95 billion VOL. 24 hours $27.81 million showed the best result. The digital coin’s quotes dropped only 0.54% over the reporting period. The asset can be purchased for an average of $ 0.07, and the total supply of TRX coins circulating on the market amounted to $ 6.74 billion. Daily trading volumes reached $ 174.84 million.

Ripple XRP $0.47 XRP -0.19% Market capitalization $26.44 billion VOL. 24 hours $31.02 million suffered the most from the top ten. Compared to yesterday, its rate fell by 6.05%. The market capitalization of the virtual asset was fixed at $ 25 billion, and the daily volume of transactions amounted to $ 1.73 billion.