Reaching the price levels of $ 38,900 with the upward movements it recorded, Bitcoin turned its direction down again with the statements of the FED. This loss of value in the leading cryptocurrency Bitcoin also gave a downward momentum to altcoins. In this context, Ethereum declined to $2,390 price levels after the bearish movements it recorded.
FED Keeps Interest Rate Fixed
After the FED’s announcement that it kept the interest rate constant, FED Chairman Jerome Powell started to make a statement at around 22:30. Fed Chairman Jerome Powell said that inflation remained well above its long-term targets. Stating that they will continue to reduce their asset purchases, Powell also signaled that an interest rate hike may occur in March. In general, the FED Chairman stated that they entered a period of monetary tightening in order to control the increasing inflation rates.
Bitcoin Turns Downward
The leading cryptocurrency Bitcoin turned its direction down again with the statements from the FED. Bitcoin, which started to record bearish movements by encountering a resistance at the price levels of $ 38,900, found support at the price levels of $ 35,500 and continued to trade below the 100 hourly simple moving average. The leading cryptocurrency reached price levels of $ 35,900 after its latest price movements.
This loss of value in Bitcoin also gave a downward momentum to the crypto money market. In this context, Ethereum declined to $2,390 price levels after the bearish movements it recorded. The total market capitalization of the cryptocurrency ecosystem has dropped to $1.7 trillion.
