Bitcoin Price Declines as the Week Begins: BTC Wallets Reach a New Record!

  • 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

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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.

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BTC Number of Addresses Holding 1+ Coins
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