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Bitcoin lost its breath, the market struggled because of Fed concerns

The bitcoin price slipped below the $38,000 mark, sending the altcoin market into the red in the past hours. In the last week, the lowest bitcoin price was recorded at 37,777 USD and the highest was 40,606 USD, according to Coingecko.

At the time of writing, although there have been some slight rallies, the overall price is bleak, with the leading digital currency moving mostly below the $38,750 threshold.

According to Coingecko, the amount of Bitcoin traded during the above period was relatively low, reaching only $23.7 billion, with a recorded capitalization of $735 billion.

Bitcoin plunges causing the whole market to fall into a “fire storm“. Compared to the past 7 days, the top Altcoins have lost quite a lot of value, of which Ethereum is down 2.7%, BNB is down 2.2%, XRP is down 11.4%, Solana is down 9.5%, Cardano is down 11%, Avalanche is down 17.1. %, Polkadot down 15.2%.

The sharp decline of the top altcoin series brought the total market capitalization down to $1.837 billion.

Bitcoin in particular and the crypto market in general often have large fluctuations in price. According to experts, one of the reasons why the cryptocurrency market has fluctuated recently is because investors are worried that the US Federal Reserve (Fed) will continue to pursue a plan to tighten monetary policy. bad.

Short-term investors tend to sell due to the current crypto market uncertainty. Furthermore, Bitcoin fundamentals are also evolving as institutional and investor interest in the cryptocurrency dwindles.

In addition, the impact of the COVID-19 epidemic and the tension from the Russia-Ukraine war also negatively impacted the global cryptocurrency market.