Bitcoin (BTC) Down to $63K, Altcoins in Retracement Mode After Fed Rate Cut

Bitcoin started the business week with a correction that drove it from over $60000 to under $58000 on Monday.

Bitcoin’s price rally following the Federal Reserve’s rate cut was halted at $64,000, with the asset pushed down by around a grand.

The altcoins are also in the red on a daily scale, with the biggest corrections coming from the likes of TON, AVAX, and NEAR from the larger caps.

BTC Down to $63K

Bitcoin started the business week with a correction that drove it from over $60,000 to below $58,000 on Monday. It set out to be a highly volatile week for the asset as the US Federal Reserve had a meeting on Wednesday to discuss a reduction in the key interest rates.

In the hours leading to the event, BTC soared to over $61,000 but went on a rollercoaster once the US central bank indeed cut the rates by 0.5% on Wednesday. The bulls prevailed, though, and initiated another massive leg-up that drove the cryptocurrency to just over $64,000 on Thursday, marking its highest price in over three weeks.

The asset failed to maintain its run and has declined by a grand since then, trading around $63,000 at the moment. There are signs that the rally might be over for now and that BTC could drop even further.

Its market capitalization is down to just under $1.250 trillion, and its dominance over the alternative coins, which shot up to 55% at one point, is now at 54.3% on CoinGecko.

Alts in Retracement Mode

The alternative coins also registered impressive gains since Wednesday, but they have calmed on a daily scale. ETH, XRP, BNB, TRX, and SHIB saw price movements of less than 1%. Others, like SOL, DOGE, ADA, LINK, and BCH, saw decreases of between 1% and 2%.

More notable price drops come from the likes of Toncoin, Avalance, and NEAR Protocol. TON is down by 5% and trades at $5.5, while AVAX saw a 4% decrease to $27. NEAR is also down by 4%, and its price is $4.3.

WIF is the biggest loser from the top 100 alts, having dumped by almost 10%. NOT, BRETT, POPCAT, and AR also saw decreases of over 5%.

The total crypto market capitalization shed about $40 billion since yesterday and is below $2.3 trillion.

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