Bitcoin Slides After Reaching Highest Level As Altcoins Follows By

Key Points:

• Bitcoin declined 4% to $22,751 at about 00:38 a.m. UTC after reaching its highest level since August.
• Ether has dropped 5% to roughly $1,563. BNB lost 4%, while Cardano’s ADA fell 7%. Polygon’s MATIC has dropped more than 7%.
• Dogecoin is down 1.5% and Shiba Inu down 5%, respectively.

Cryptocurrency prices fell alongside the S&P 500 and Nasdaq, although the Dow was up. Bitcoin declined as Altcoins traded down across the board, and crypto stocks were mixed, with Silvergate trading up 1.6% and Block falling 0.9%.

According to TradingView statistics, Bitcoin declined 4% to $22,751 at about 00:38 a.m. UTC after reaching its highest level since August.

Ether has dropped 5% to roughly $1,563. BNB lost 4%, while Cardano’s ADA fell 7%. Polygon’s MATIC has dropped more than 7% in the last 24 hours after climbing the previous week.

Dog-themed meme coins fell as well, with Dogecoin down 1.5% and Shiba Inu down 5%, respectively.

According to Trakx crypto economist Ryan Shea, Bitcoin is on track for its highest January performance in a decade, indicating a major reversal in gloomy sentiment that badly influenced prices for much of 2022.

The Federal Open Market Committee (FOMC) meeting this Wednesday, he said, will be critical to maintaining this bullish trend, with the Fed likely to raise rates by 25 basis points, the smallest boost this tightening cycle.

If confirmed, this would further corroborate the soft-landing narrative that has been gaining traction in both the trading and crypto markets in recent weeks, Shea added.

If Fed Chair Jerome Powell’s statements imply that more than two 25-basis-point rises are on the way, a more persistent reversal in crypto pricing is on the cards, he warned.

According to Nasdaq data, Silvergate Class A Common Stock were up 1.6% to roughly $14, while most other crypto equities were down marginally.

Block, led by Jack Dorsey, fell 0.9% to roughly $83, while MicroStrategy was down 0.5% and Coinbase fell 1.5%. Besides, Michael Saylor’s MSTR was down 0.1%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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