Bleeding Red, The Crypto Market 'Crazes' After the FOMC!

<p><br /></p><p>Bitcoin surged close to $44,000 yesterday but made a U-turn and was pulled back to $42,000 as the US Federal Reserve held back from making changes to monetary policy.</p><p><br /></p><p>Solana was among the weakest in the same period, declining by 5% and trading at the $95 price level.</p><p><br /></p><p>In the past week, BTC hit a low of $38,500 as ETF approval sentiment faded. Since then, buyers have remained largely in control and driven some price gains.</p><p><br /></p><p>The peak occurred at the beginning of the business week when Bitcoin surged to $43,750. However, the resistance level failed to be overcome causing the price of BTC to plummet.</p><p><br /></p><p><br /></p><p>This fall in prices occurred when the Chairman of the Central Bank of the United States, Jerome Powell announced that the Fed would not make any major changes in the central bank's monetary strategy when it comes to interest rates. Thus, interest rates will remain at their highest levels in decades at over 5%.</p><p><br /></p><p>BTC fell to $42,000 but managed to defend that level and traded slightly above $42k. BTC's market cap is at $825 billion, and its dominance over altcoins is just over 51%.</p><p><br /></p><p>Most alternative cryptocurrencies were also in the red today, with ETH down 2.5% and trading below $2,300. BNB has dipped below $300 after a small daily decline. Ripple, Cardano, Avalanche, Polkadot, and Chainlink also experienced daily losses.</p><p><br /></p><p>Solana and Polygon have seen the biggest declines of the large-cap altcoins in terms of market size. Both assets declined more than 5%. As a result, SOL tries to defend the price at $95, while MATIC is below $0.8.</p>