Bitcoin fell to about $24,990 on Wednesday as investors were unimpressed by the US central bank's widely expected suspension of its more than year-long plan to raise interest rates. Major cryptocurrencies dived into negative territory in the late afternoon.
The largest cryptocurrency by market capitalisation recently fell 3.2 per cent in the past 24 hours following an afternoon (ET) dip that saw the asset fall to its lowest level since mid-March. For much of the past five days, BTC's price was largely close to $26,000 as investors weighed the initial impact of the SEC's lawsuit against cryptocurrency trading giants Binance and Coinbase, Federal Reserve monetary policy signals and other macroeconomic uncertainties.
In a report to CoinDesk, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote: "The Fed left interest rates unchanged, which was expected by the market given the macroeconomic situation." "The initial move was to the downside as the Fed indicated that this pause may not last."
DiPasquale added: "From a market perspective, we should continue to see consolidation as long as bitcoin stays at $25,000."
The largest cryptocurrency by market capitalisation recently fell 3.2 per cent in the past 24 hours following an afternoon (ET) dip that saw the asset fall to its lowest level since mid-March. For much of the past five days, BTC's price was largely close to $26,000 as investors weighed the initial impact of the SEC's lawsuit against cryptocurrency trading giants Binance and Coinbase, Federal Reserve monetary policy signals and other macroeconomic uncertainties.
In a report to CoinDesk, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote: "The Fed left interest rates unchanged, which was expected by the market given the macroeconomic situation." "The initial move was to the downside as the Fed indicated that this pause may not last."
DiPasquale added: "From a market perspective, we should continue to see consolidation as long as bitcoin stays at $25,000."