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News/Crypto market drops as Bitcoin trades loses ground ahead of the FOMC meeting minutes release

Crypto market drops as Bitcoin trades loses ground ahead of the FOMC meeting minutes release

Feb 22 2023

last year4 mins read
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The crypto market has been facing a setback today as Bitcoin (BTC)’s value dropped to approximately $24,000. This trend has continued since February 16, with bullish momentum remaining stagnant. The upcoming release of the Fed’s February meeting minutes is considered another factor causing investors to hesitate, contributing to Bitcoin’s losses.

Laurent Kssis, a crypto trading advisor at CEC Capital, stated that the breakout above $25,000 would depend on the performance of technology companies, which will announce the Q1 earnings after March.

Data from TradingView indicated that Tether (USDT) dominance has stabilized at about 6.5% since late January, which could be traders rotating their money into stablecoins while waiting for an entry into Bitcoin and Ethereum.

Interestingly, this happened while U.S. stock markets were experiencing a huge downtrend. The Dow Jones, S&P 500, and Nasdaq all saw more than a 2% decline over the past 24 hours, representing one of their worst daily performances since the beginning of the year. Compared to the losses in stocks, the crypto correction seems less severe.

It is worth noting that Bitcoin (BTC)’s correlation to stocks was at its lowest since late 2021. This could be attributed to investors pulling money out of crypto funds.

Bitcoin (BTC) fell below \(24,000 twice today, dropping from its peak of \)25,100. However, it has quickly reclaimed $24,200 with a 1.66% drop in the past 24 hours.

Ethereum (ETH) has lost $1,650 in the past few hours and is trading at a 1.11% discount. Recently, Ethereum core developers announced that the Shapella upgrade was scheduled on February 28 on the Sepolia network. After Sepolia deployment, the Shanghai upgrade will arrive on the Ethereum Goerli test network, expected to commence in March.  

On the other hand, Polygon (MATIC) hasn’t recovered from yesterday’s bearish sentiment after the news about Polygon Labs’ layoff since its 24-hour decrease was still around 3.34%. Similarly, with a 4.85% slump in the past 24 hours, Solana (SOL) became the biggest loser among the top 20 cryptocurrencies due to the closure of Solana Spaces.

Top altcoin gainers and losers:

Gainers

Losers

NFT Market Map

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SewerPass (+108.88%) has been back on track, along with its Yuga family collections: Otherdeed (+78.21%), Bored Ape Yacht Club (+167.56%), and MutantApeYachtClub (+19.70%).

They came out as the 1st, 3rd, 4th, and 5th NFT collections by traded volume today. The increased interest, mirrored by trading volume, was triggered by the new round of Dookey Dash: Toad Mode.

MG Land (+12,275.76%) saw a surge in trading volume while the team reported a slow connection due to huge website traffic.

Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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