- Bitcoin dropped by 1.60% in the last 24 hours, falling to $26,130. A firm tone accompanying the Federal Reserve’s decision to keep interest rates steady strengthened the dollar.
- Beyond Bitcoin, other cryptocurrencies also generally experienced declines. The second-largest cryptocurrency, Ethereum, dropped by 1% to $1,576.
- Yuya Hasegawa, an analyst at Bitbank, said, ‘If… volatility in the broader financial markets decreases as expected, Bitcoin may see a slight recovery in the next few days.’
Bitcoin’s price showed a decline to the $26,000 level as the week began; despite the drop, investors are increasing their BTC holdings!
Bitcoin Price Declines at the Start of the Week
Bitcoin and other cryptocurrency prices declined on Monday as the dollar strengthened and some risk-averse tendencies continued following the latest central bank decisions.
Bitcoin dropped by 1.60% in the last 24 hours, falling to $26,130. A firm tone accompanying the Federal Reserve’s decision to keep interest rates steady strengthened the dollar and pushed Bitcoin below $26,500, although it partially recovered from its losses.
The largest cryptocurrency couldn’t reclaim $27,000, its level before the Fed decision. Yuya Hasegawa, an analyst at the crypto exchange Bitbank, said, ‘If… volatility in the broader financial markets decreases as expected, Bitcoin may see a slight recovery in the next few days.’
However, catalysts for a stronger rally still don’t seem apparent, as federal legislatures are stuck in efforts to enact comprehensive crypto regulation.
Beyond Bitcoin, other cryptocurrencies generally experienced declines as well. The second-largest cryptocurrency, Ethereum, fell by 1% to $1,576. Smaller cryptocurrencies or alternative coins also faced declines, with Cardano dropping by 0.3% and Solana by 0.8%. Memecoins also experienced similar declines, with Dogecoin losing 1.3% in value.
Addresses in Bitcoin Reach a New Record
Data shared by Glassnode indicates that the number of addresses holding at least 1 BTC reached a new record of 1,022,961. This trend shows that investors are increasing their holdings in Bitcoin despite the low volatility and price decline.
