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Bitcoin Falls Below $22,000 as Altcoins Take a Hit (Market Watch)
In the last 24 hours, the entire cryptocurrency market has been in the red with very few exceptions. The price of Bitcoin even plunged below $22,000 after the Federal Reserve Chairman's speech yesterday. However, altcoins have it much worse than BTC, with many of them seeing significant declines. Bitcoin Slips Below $22,000 The price of Bitcoin has fallen below $22,000 several times since yesterday and is currently trading (on Binance) at exactly that level. TradingView The price started trending lower a few days ago, but the move was halted after Jerome Powell's speech to Congress yesterday...
Bitcoin Falls Below $22,000 as Altcoins Take a Hit (Market Watch)
In the last 24 hours, the entire cryptocurrency market has been in the red with very few exceptions. The price of Bitcoin even plunged below $22,000 after the Federal Reserve Chairman's speech yesterday.
However, altcoins have it much worse than BTC, with many of them seeing significant declines.
Bitcoin slips below $22,000
The price of Bitcoin has fallen below $22,000 several times since yesterday and is currently trading (on Binance) at exactly that level.
TradingView
The price started trending lower a few days ago, but the move was further intensified after Jerome Powell's speech to Congress yesterday. He testified before the Senate Banking Committee and suggested that the Federal Reserve is likely to raise interest rates more than previously expected.
Recent economic data has been stronger than expected, suggesting that the final level of interest rates will likely be higher than previously thought. – Powell said.
This sent the market on a rollercoaster ride as the price fell below $22,000, only to recover moments later. However, BTC continued to decline from there and is currently trading around this important level.
Altcoins have it even worse
As can be seen in the heatmap below, many altcoins are trading well in the red, with some seeing significant declines.
Quantify crypto
For example, OKB is down a whopping 12% in the last 24 hours, followed by Solana which is down around 6%. These are the worst performers of the top cryptocurrencies by total market cap, but things get even scarier amid small-cap coins like AGIX, STX, and Optimism's OP token, all of which are down nearly 10% on the day.
There are of course some exceptions to the above. CFX is up 4.5% while XRP is also seeing a small increase of around 3.5%.
Sentiment in the broader cryptocurrency market remains neutral, according to the Fear and Greed Index. In fact, it's even improved a bit from yesterday, which is pretty interesting given the current decline.
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