Crypto Price Today: Bitcoin falls below $41,000 ahead of Fed policy decision; Avalanche declines over 14%
Inflation concerns in the US re-emerged after data showed the Consumer Price Index (CPI) unexpectedly inched higher in November month-on-month but edged lower on an annual basis. The data bolstered expectations that the Fed will not pivot to rate cuts early next year.
At 11:57 a.m., BTC was trading 1% lower at $40,999, while the second most popular token, Ethereum, was down 2% at $2,171. At the same time, the global cryptocurrency market cap declined by 1.7% in the last 24 hours to approximately $1.54 trillion.
«Bitcoin maintains its position above the $40,000 mark despite some liquidations ahead of the US interest rate decision scheduled for today. Key resistance for BTC is at the $41,450 level, while support is identified at $39,500,» said Edul Patel, CEO of Mudrex.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details»Other popular altcoins, such as Avalanche and Solana fell 14.3% and 5.7%, respectively. Also, BNB, XRP, Dogecoin, Tron, Polkadot, Chainlink, Toncoin, and Shiba Inu declined.
Bitcoin continued its price correction in the last 24 hours after the CPI number in the United States but is still trading above the $40k mark with a dominance of 53%. If it starts consolidating around the 40k levels, a strong move in altcoins can be expected soon, said CoinSwitch Markets Desk.
Meanwhile, CoinDCX Research Team, said, «In the past 24 hours, the market experienced a
