Fed Leaves Rates Unchanged but Global Markets and Bitcoin Slide: This Week’s Crypto Recap

Bitcoin failed to chart any substantial gains and is down 2.4% over the past week, despite the US raising debt ceiling and leaving rates unchanged.

Another seven days have passed and, unfortunately, they weren’t any better than the week before. Traditional and cryptocurrency markets are tumbling, despite the US Federal Reserve leaving rates unchanged and increasing the country’s debt ceiling by $2.5 trillion.

Bitcoin was headed well into the green last weekend when the price surpassed $50,000 on Sunday. This gave the community some relief and also brought hope that it’s time for a recovery rally. Bears had a mind of their own, though, and as soon as they intervened, everything turned red. On Monday, BTC plummeted towards $46K.

On December 14th and 15th, though, the US Fed had a meeting, and Congress voted to once again increase the country’s debt ceiling while leaving the rates unchanged. This initially had a positive impact on Bitcoin’s price, which rallied towards $50K. Everything ended abruptly, though, as not long after that, the cryptocurrency headed south again. At press time, BTC trades around $46,500, down 2.4% in the past seven days. Global markets have also tumbled over the past five days as the Nasdaq Composite index is down 2.5%, while the S& 500 is down 1.2%.

The altcoin market is also deep in the red. Bitcoin performed better than a lot of altcoins. Ethereum is down 7.6%, BNB is down 8.4%, SOL – 2.5%, XRP -7.5%, DOT -7.1%, and so forth. Avalanche is the best performer, as AVAX surged a whopping 28.4% in the past week.

It remains interesting to see how the market will turn over the coming days as we enter the season of the Christmas Holidays, which is historically bullish for BTC.

Market Data

Market Cap: $2,273B | 24H Vol: 120B | BTC Dominance: 38.6%

BTC: $46,490 (-2.4%) | ETH: $3,846 (-7.6%) | ADA: $1.23 (-5.1%)


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