Bitcoin temporarily falls below $25,000 | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) temporarily fell below $25,000 on the 14th of the US Eastern Time (around $25,100 at 9:00 on the 15th of Japan time). Major altcoins also fell in the late afternoon.

Bitcoin is down 3.2% in 24 hours at the time of writing after hitting its lowest since mid-March on Wednesday afternoon. Macroeconomic uncertainty, including the US Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase and the Fed’s monetary policy, has hovered below $26,000 for most of the past five days.

BitBull Capital CEO Joe DiPasquale said: “The Fed has kept rates on hold, which is what the market expected given the macroeconomic conditions. It’s headed down as the Fed has shown that the pause in rate hikes is likely to be short-lived,” he told CoinDesk.

“The outlook for the market is that as long as Bitcoin remains above $25,000, it will continue to move sideways,” he added.

Ethereum (ETH) is down 5.1% in 24 hours near $1,650. It is the lowest level in three months. Among the other major altcoins mentioned in the SEC filing, Cardano (ADA) dropped more than 5%, while Solana (SOL) and Polygon (MATIC) dropped more than 3%. The CoinDesk Market Index, which shows the performance of the entire crypto market, is flat.

CoinDesk’s Bitcoin and Ethereum Trend Indicators have maintained a downtrend for the past few days, reflecting investor turmoil.

Bullish pattern on chart

However, the chart is still showing a bullish pattern. According to Valkyrie Investments, bitcoin’s daily chart shows a pattern called a “throwback” that could start another bull move towards $37,000. .

Meanwhile, equity indices languished on long-term fears that the Fed’s moratorium on rate hikes would be temporary. The Nasdaq and S&P 500 rose marginally, while the Dow Jones Industrial Average fell 0.7%.

But Markus Levin, co-founder of Oracle Information’s XYO Network, said that “the global macro environment has changed significantly” and that “the moratorium on rate hikes is the clearest indication of this change yet.” Inflation has fallen sharply.The world’s central banks are injecting liquidity to stimulate the economy.And now the focus is on economic growth and whether we will indeed experience a broad and deep recession. It is.”

He added that cryptocurrencies such as bitcoin have “likely already hit bottom.”

“Bitcoin and other crypto assets are expected to remain flat in the coming months, even if volatility can hamper us.” “But when Bitcoin halves next year, we will be in the race. I think it will be.” (Mr. Levin)

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Bitcoin Price Trends (CoinDesk)
｜Original: Bitcoin Sinks Below 25K, Altcoins Tumble, as Investors Shrug Off Fed Rate Hike Pause