Bitcoin $84,357 and other major cryptocurrencies have experienced declines following profit-taking in the Asian session. Bitcoin fell more than 3%, dipping below the $84,000 mark. Ethereum
$1,999 lost its footing at the $2,000 level, and Solana
$131 faced a 5% drop. The total market capitalization of cryptocurrencies decreased by 3.2% in the last 24 hours. Experts caution that investors should exercise caution in this volatile market.
Sharp Declines Following Profit-Taking
Profit-taking that began yesterday evening in the cryptocurrency market led to significant value losses in major tokens. Bitcoin dropped from the $86,000 level to below $84,000. Ethereum lost its critical support at $2,000, resulting in a downward trend. Meanwhile, Solana saw a 5% decrease, while XRP managed to maintain its upward trend partially, achieving a 4.8% increase following a 10% rise earlier in the week.
Fed Impact and Investor Expectations
The recent Federal Reserve meeting did not result in a rate cut; however, it announced a reduction in its quantitative tightening program starting in April. This development was interpreted by some investors as an indirect easing step. Although there was a brief surge in the cryptocurrency market post-announcement, this movement was not sustained.
Changes in options markets have also been noteworthy, with the likelihood of Bitcoin surpassing $100,000 by June 30 rising from 20% to 30%. Ethereum has seen an increase in long positions, reflecting a more balanced expectation that it will hold around the $2,000 mark. Experts highlight that sudden price movements can present both opportunities and risks, urging investors to closely monitor central bank decisions and technical levels.