Bitcoin price fell slightly, and most altcoins fluctuated by a small margin
At press time, Bitcoin price trades at $40,226, down 0.4% from yesterday, and the market continues to be gloomy.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price today: The market cools down
Statistical data shows that in the last 24 hours, the world’s most popular and valuable cryptocurrency traded as low as $40,032 and highest at $40,674. According to CoinMarketCap, Bitcoin’s trading volume is around $16.8 billion, with $769 billion.
Bitcoin and traditional markets continue to react negatively to the US Federal Reserve (Fed) scenario will tighten its monetary policy to combat inflation. It is even more likely that Bitcoin will continue to retest the March low at $37,600.
“Traders are shorting slightly more than longing, according to exchange funding rate data. Both Bitcoin and altcoins have consistently been in the green for most of the past week, and this is historically bullish to short liquidation possibilities”, Santiment reported.
Bitcoin’s lack of growth momentum sends the altcoin market into the doldrums. Most large-cap cryptocurrencies fluctuate up and down in the range of 1%.
The total market capitalization currently stands at $1.890 billion, a slight increase of 0.2%.
- Bitcoin Price, Ether And Other Major Cryptos Decline Amid Ongoing Macroeconomic Uncertainty
- Bitcoin Price Is Struggling To Sustain Above $40,000, Some Altcoins Like XRP, DOGE Have Progress