Bitcoin's price has experienced a significant downturn after briefly surging towards $100,000. The market correction began after the latest US Federal Open Market Committee (FOMC) meeting, triggering a wave of selling pressure.
In just 72 hours, Bitcoin plummeted by over $16,000 before slightly recovering. However, it has since slipped again and is currently hovering just below $96,000.
The altcoin market has also suffered losses, with many prominent cryptocurrencies experiencing declines. Ethereum, for example, dropped from above $3,500 to around $3,350. The overall sentiment in the altcoin market remains bearish, with many assets experiencing severe losses.
The total cryptocurrency market capitalization has decreased by $100 billion in one day, bringing the total down to approximately $3.460 trillion.
The recent price movements have left investors and analysts uncertain about the future trajectory of the cryptocurrency market. Market participants are closely monitoring macroeconomic indicators and regulatory developments. The ongoing volatility serves as a reminder of the risks associated with cryptocurrency investments.