The price of Bitcoin (BTC) has dropped below the $25,000 mark for the first time since March 17.
Within 30 minutes on June 15, the Bitcoin price dropped 4%, from $25,867 to $24,819, according to data from TradingView. However, at the moment, Bitcoin has recovered and is trading above $25,000.
Over the past week, Bitcoin has held around $26,000 amid the U.S. Securities and Exchange Commission (SEC) lawsuits against Coinbase and Binance, along with macroeconomic uncertainty related to crypto-currency exchanges. interest rate signals from the US Federal Reserve Bank.
Bitcoin price has plummeted roughly three hours since the Federal Reserve announced it was halting interest rate hikes, following a 15-month campaign to curb rising inflation.
While the market had been expecting a rate pause, the Federal Open Market Committee’s statement hinted at the possibility of future rate hikes, causing investor distrust in assets. as risky as cryptocurrencies.
Ether (ETH), the second largest cryptocurrency by market capitalization, was also affected with a drop of more than 5% from $1,727 to $1,631 during the same time period. Altcoins have also not escaped the bearish sentiment, as many tokens that are considered securities in SEC lawsuits have fallen by more than 3%.
According to Cointelegraph analyst Marc Pechman, options data shows a bearish bias for Bitcoin, especially when combined with the crypto industry’s hostility to regulation in the U.S. and the potential for increased interest interest rates from the Fed in the near future.