Bitcoin (BTC) initially held steady after the first FOMC meeting of the year but began losing value later, slipping below $88,000. Many major altcoins are also deep in the red on a daily basis. Ethereum has fallen below the $3,000 support level, while XRP dropped under $1.90. PUMP and ZEC have recorded the largest losses over the past 24 hours.
BTC’s decline began last Monday after stock and futures markets reopened following former President Trump’s new tariff threats against several EU countries. After reaching over $95,000 that weekend, BTC fell to $92,000 on Monday and below $88,000 by Wednesday. Bulls managed a brief recovery above $91,000 on Friday, but the downward trend resumed, hitting $86,000 on Monday, the lowest level in over a month. It later rebounded to around $88,000-$89,000 and briefly reached $90,500 ahead of the FOMC meeting. Despite the Fed keeping rates steady, bearish pressure pushed BTC back below $88,000. Its market capitalization is now $1.75 trillion, with a dominance of 57.4 percent over altcoins.
Altcoins also suffered losses. Ethereum dropped nearly $100 below $3,000, XRP fell under $1.90, and BNB fell below $900. SOL, DOGE, ADA, BCH, and SUI also experienced significant declines. HYPE and ZEC each lost 6-8 percent, MNT dropped 6.5 percent, and Pi Network’s PI token reached a new all-time low. TRX was one of the few larger-cap altcoins with a small daily gain. The total crypto market capitalization fell by over $60 billion, dropping below $3.05 trillion.
