After Massive Volatility, BTC Bounced Off $20K, Altcoins Recover Double-Digits (Market Watch)

In the last 24 hours, the cryptocurrency market has seen more price volatility. This was especially after the US Federal Reserve raised its interest rates to their highest level since 1994. Bitcoin managed to hold above $20,000 while altcoins are in the green on an everyday basis.

Bitcoin Still Above $20K

The last week has been a rough one for the primary cryptocurrency. It was dragged down by a few thousand USD after US CPI numbers showed the highest inflation rate in over 40 years.

BTC experienced further price drops over the weekend and at the beginning of this week. BTC was able to dump to and below $21,000 which is its lowest price in more than a year.

Yesterday, the asset was just inches from falling below the $20,000 mark. But it rebounded at that level. BTC’s price movements were threatened once more by the Fed’s announcement of raising interest rates by 75 basis point.

The asset responded differently and soared to $23,000 within hours. Despite the fact that bitcoin failed to recover, it is still in the green on an almost daily basis.

BTCUSD. Source: TradingView

Notable Bitcoin News

MicroStrategy’s Michael Saylor denied rumors that the company was forced to make a margin call on its BTC-backed loan to Silvergate. He said that the crash had given them a great opportunity for more of the asset.

Jurrien Timmer, Fidelity’s Global Macro Director, noted that BTC’s fundamentals have not changed and that on-chain data suggests it might be more affordable than it appears.

Peter Brandt, a popular derivatives trader, warned that BTC could slide further to $13,000 after it painted a double top.

ltcoins on The Road to Recovery

Alternative coins have fallen just as hard lately as Bitcoin, but the 24-hour landscape is now all green.

ETH was also on the verge of breaking below the $1,000 milestone. It didn’t break the $1,000 milestone, but it did and has gained more than 10% in value since then. The second-largest cryptocurrency is now trading at $1,200.

Most large-cap alts are seeing similar gains. BNB is now at $225. ADA is up to $0.5, XRP has jumped above $0.3, DOT is close enough to $8.

Solana has risen by more than 20% while TRX has risen by 25% to $0.06.

The crypto market cap has risen to $80 billion, with the mid- and lower-cap altcoins gaining impressive percentages. It is now well over $900 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
ltcoin News

TRON’s current price explosion could be explained by the fact that the Reserve behind them had to withdraw 2.5 Billion TRX from Binance in order to protect the USDD peg.

Traders turned to stablecoins amid the huge volatility and price crashes. USDC was especially popular, recording its second-highest volume.

Bill Gates, Microsoft’s co-founder, argued that NFTs as well as some cryptocurrencies were based on the “greater foolish theory.”

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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