Hassan Maishera
TL;DR
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BTC is down by more than 2% and is now trading below the $41k level once again.
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Investors are keeping an eye on the Fed rate decision later today.
BTC Could Drop Below $40k
Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming since the start of the week. It has lost more than 2% of its value in the last 24 hours and is now trading below the $41k level once again.
At press time, the price of Bitcoin stands at $40,931. The poor performance comes as investors keep an eye on the Fed rate decision later today. The Federal Reserve, the central bank of the U.S. is expected to hold interest rates steady at 5.25%-5.5%. The rate is expected to hold as Consumer Price Index (CPI) inflation continued to edge lower in November.
Bitcoin’s poor performance also affected the other major cryptocurrencies. Ether is down by 2% and is currently trading just above $2,100. Avalanche’s AVAX is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 17% of its value over the last 24 hours. At the moment, AVAX is trading just around the $35 mark.
The total cryptocurrency market cap has dropped by more than 2% and now stands at $1.54 trillion. If the bearish trend continues, Bitcoin could drop below the $40k level over the coming days.
