Deutsch
The Bitcoin price continues to fall. Once again, the market value of the largest cryptocurrency falls below $108,000. Some altcoins are experiencing even heavier losses. A speech by FED Chairman Jerome Powell likely set the ball rolling last week.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. For a limited time only: 10 Euro bonus when you sign up via CoinPro.ch
Bitcoin Price Falls below $108,000
The Bitcoin price is currently falling significantly. Over the last 24 hours, the cryptocurrency lost 2.22 percent of its market value. In the weekly trend, the losses now add up to 6.07 percent. As a result, BTC is once again trading below $108,000.
- Bitcoin
(BTC) - Price $105,117.00
- Market Cap
$2.1 T
Last Thursday, the Bitcoin price had already slumped once – it reached a regional low of around $106,000. Subsequently, the market value had risen again to the threshold of $110,000.
At the time of going to press, Bitcoin is trading at $107,880. Compared to many other cryptocurrencies, the losses of the market leader are mild. For example, the Ethereum price fell by about 3.70 percent to $3,719 over the last 24 hours.
Why the Crypto Market is Writing Deep Red Numbers Today
Why is the crypto market writing deep red numbers again today? Looking at the 100 largest cryptocurrencies, only a few green numbers can be discovered. Some altcoins, meanwhile, are recording massive losses of between ten and 17 percent within 24 hours.
The entire crypto market slumped significantly since yesterday – it fell by 3.31 percent to a market capitalization of $3.6 trillion. The CMC Fear & Greed Index confirms: The mood is characterized by fear.
Behind the current crypto losses seem to be the after-effects of the last meeting of the FED committee FOMC. The FOMC decides on US monetary policy. For example, it determines how high the US key interest rate is. Last Wednesday, the FOMC lowered the key interest rate by 25 basis points to 3.75 to 4.00 percent.
A falling key interest rate is in principle considered beneficial for the price development of the crypto market. In a speech, however, FED Chairman Jerome Powell expressed criticism about a further interest rate cut. Some analysts had firmly factored a further decrease in the key interest rate in December into their forecast.
According to Powell, there is currently no consensus within the FOMC on the further direction of monetary policy. Powell himself seems to prefer a higher key interest rate. US President Trump is putting pressure on the FED chief and demanding falling interest rates. Powell only showed himself willing to compromise in September. At that time, the FOMC lowered the key interest rate for the first time this year by 0.25 percentage points.
Buy Bitcoin now!
