The highly anticipated FOMC meeting yesterday didn’t bring any surprises despite some expectations of a rate hike, and bitcoin’s price has calmed at around $64,000 after the recent volatility.
Most larger-cap alts have posted minor losses over the past 24 hours, led by HYPE’s 3% drop to under $54. In contrast, UNI has pumped to $4.
BTC Settles
Bitcoin rallied hard last week, going from under $64,000 to a monthly peak of $67,000. That resistance, though, turned out to be too strong given the current lack of substantial bullish catalysts, and the asset fell to $64,600 within a day or so, and dipped by another grand on Friday.
The bulls didn’t allow another breakdown, as BTC remained at around $64,000 during the weekend. It climbed to $64,500 on Sunday and jumped by another $1,000 on Monday as the markets priced in the de-escalation news on the Middle East war from that weekend.
Nevertheless, bitcoin was almost instantly rejected again, and the subsequent dip pushed it to under $62,800 on Tuesday ahead of the FOMC meeting in what appeared to be a de-risking move from investors. In the hours before and after the event, in which the Fed maintained interest rates at 3.50%-3.75%, BTC experienced some volatility, which included a rise to $64,600 and a dip to $63,200.
It has remained in the middle of this range since then, currently trading inches below $64,000. Its market cap is down to $1.280 trillion on CG, while its dominance over the alts has dropped to 56.3%.
US Enters Top 100, PI Keeps Pumping
Pi Network’s native token was among the top performers yesterday and has doubled down in the past 24 hours. PI has reclaimed the $0.08 resistance (now support) after another 6% rally as the team behind the project announced when the next protocol update should be deployed.
Talus (US) has skyrocketed by 20% daily and 600% monthly and is now within the top 100 alts by market cap. The larger-cap alts are a lot calmer, with UNI and BEAT posting 4-5% gains.
In contrast, HYPE has dropped by 3% to under $54, DOGE is down by over 1%, while ETH, XRP, SOL, and RAIN have slipped by up to 1%.
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