As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Bitcoin drops below $25,000 amid crypto crackdowns

Bitcoin drops below $25,000 amid crypto crackdowns

Publish Date: 18/06/2023
gold-colored Bitcoin - Bitcoin vs Altcoins, tags: $25,000 - unsplash

gold-colored Bitcoin – Bitcoin vs Altcoins – unsplash

The cryptocurrency market witnessed a bearish turnaround on Thursday, with Bitcoin (BTC) and Ethereum (ETH) experiencing price drops.

In the past 24 hours, Bitcoin fell by four percent and dipped below the $25,000 mark, while Ethereum retreated by six percent and struggled to maintain its position at $1,600.

This downward trend in the crypto markets followed the Federal Reserve’s latest monetary policy decision. The U.S. central bank met expectations and decided to pause its cycle of rate increases after implementing 10 consecutive interest rate hikes.

However, the Fed also hinted at more hikes in the future. In its revised interest rate forecast, the Fed raised its estimation for this year to 5.6 percent, surpassing the 5.1 percent projected in March.

The central bank also anticipated two additional 25 basis point hikes by the end of the year. The Fed revised its estimates for 2024 and 2025, increasing them to 4.6 percent and 3.4 percent, respectively, from the earlier projections of 4.3 percent and 3.1 percent.

Fed Chairman Jerome Powell’s remarks supported the expectation of further rate hikes. Powell said that “almost everyone” at the central bank agreed that some additional rate hikes would be appropriate this year, although a slightly slower pace might be reasonable.

“It will be fitting to cut rates at a time when inflation is coming down significantly. And again, we are talking about a couple of years,” Powell said. “As anyone can see, not a single person on the Committee wrote a rate cut this year, nor do I think it’s appropriate.”

Central Bank outlook raises doubts on rate cut

Experts interpreted the central bank’s comments and Powell’s statements as more hawkish than initially anticipated, with many disregarding the possibility of a rate cut this year altogether. Some analysts also said that the Fed may struggle to achieve its objective of bringing inflation to two percent without triggering a recession.

At the same time, regulatory developments surrounding major cryptocurrency exchanges Binance and Coinbase weighed on market sentiment. The SEC, meanwhile, has requested additional time, up to four months, to respond to Coinbase’s request for new cryptocurrency regulations.

“We have to remember that the crypto market is a relatively small market, and a few hundred million dollars can move the market for a few percent,” said Ruslan Lienkha, director of markets at crypto service provider YouHodler.

“So let’s see the following days if it is really a downward trend or just a single whale sell off.”

Differing views on crypto’s future

TickMill Group experts noted that while risk-off sentiment had shown positive signs before the Fed meeting, the cryptocurrency market remained stagnant.

“The issue for crypto currently is the latest wave of negative news to hit the sector,” the experts said while highlighting the growing uncertainty in the digital asset space. Regarding Bitcoin’s price correction, they said that it has been trading within a corrective bear channel.

XYO Network co-founder Markus Levin expressed a more optimistic viewpoint, suggesting that the global macro setup in the crypto market is undergoing significant shifts. He believes the market may have already hit its bottom and anticipates sideways movement for Bitcoin and other coins in the coming months, interspersed with periods of volatility.

“When the BTC halving kicks in next year, however, then I think we’re off to the races,” he said.

Top Online Casinos
Top Casinos Bonuses
Stake
Stake
Stake Review
4.6/5
BC.GAME
BC.GAME
BC.GAME Review
4.6/5
Roobet
Roobet
Roobet Review
4.6/5
Future Play
Future Play
Future Play Review
4.6/5
Rollbit
Rollbit
Rollbit Review
4.6/5
Stake
Stake Bonus
200% up to $2000
T&Cs apply
4.6/5
BC.GAME
BC.GAME Bonus
180% up to $20000
T&Cs apply
4.6/5
Roobet
Roobet Bonus
70 Free Spins Deposit Bonus worth $80
T&Cs apply
4.6/5
Future Play
Future Play Bonus
100% up to 1₿
T&Cs apply
4.6/5
Rocketpot
Rocketpot Bonus
100% up to $750
T&Cs apply
4.5/5
Latest News
Twitter warns: $440k lost in MicroStrategy phishing scam
MicroStrategy is the industry pioneer in business intelligence ...
Avail raises $27M in seed funding for Unified Web3 Infrastructure Solution
Avail, a prominent player in the modular blockchain ...
The power of the decentralized Web3 ecosystem: a deep dive into Polkadot
Polkadot is a modern blockchain network designed to ...
Top Betting Sites
Top Betting Bonuses
Stake
Stake
Stake Review
4.6/5
BC.GAME
BC.GAME
BC.GAME Review
4.6/5
Roobet
Roobet
Roobet Review
4.5/5
Future Play
Future Play
Future Play Review
4.5/5
Rollbit
Rollbit
Rollbit Review
4.5/5
Stake
Stake Bonus
200% up to $2000
T&Cs apply
4.6/5
BC.GAME
BC.GAME Bonus
180% up to $20000
T&Cs apply
4.6/5
Roobet
Roobet Bonus
More than $2000 in bonuses
T&Cs apply
4.5/5
Future Play
Future Play Bonus
Up to 30 USDT Risk-free Bet
T&Cs apply
4.5/5
Rollbit
Rollbit Bonus
Check the site for onsite offers
T&Cs apply
4.5/5
Top Crypto Exchange Sites
Kraken
Kraken
Kraken Review
4.5/5
Binance
Binance
Binance Review
4.0/5
Currency.com
Currency.com
Currency.com Review
4.0/5
YouHodler
YouHodler
YouHodler Review
4.0/5
Coinbase
Coinbase Review
4.0/5
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange

Users must be 18+. If you are having trouble with gambling then help and advice can be found at responsiblegambling.org

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

Close
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site