Hassan Maishera
TL;DR
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Bitcoin briefly dipped below $60k on Wednesday as the market correction continues.
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Fed Chair Powell says interest rates likely won’t go down for the foreseeable future.
BTC Dips Below $60k, Altcoins Record Huge Losses
The cryptocurrency market has continued its poor performance this week, with most coins and tokens in the red zone. Bitcoin, the world’s leading cryptocurrency by market cap, briefly dipped below the $60k mark for the first time in weeks.
The dip came after Fed Chair Jerome Powell commented that interest rates likely won't go down for the foreseeable future. According to Powell, the United States apex bank will not reach its 2% inflation goal anytime soon. He said,
"Right now, given the strength of the labor market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us."
BTC has slightly retraced and is now trading above $61k. At press time, BTC is trading at $61,265, down by more than 3% in the last 24 hours. The poor performance also comes as the Bitcoin halving is only one day away.
Altcoins are also underperforming. Ether, the second-largest cryptocurrency by market cap, has slipped below $3k after losing more than 3% of its value. Toncoin continues to shed some of its recent gains, losing 7.5% of its value in the last 24 hours. With its poor performance, TON has slipped below Dogecoin to occupy the ninth place in the market.
The total market cap has dropped by 3% and now stands at $2.26 trillion once again.
