Bitcoin Crashes Below Two-Week Low Amid Fed and BoJ Rate Stance
The week's economic events culminated in the Federal Reserve and Bank of Japan keeping rates unchanged on Friday. This decision had a ripple effect on cryptocurrency markets, with Bitcoin plummeting to a two-week low.
Last week saw US CPI numbers exceed expectations, leading to a rally in BTC that peaked at $67,000. However, this momentum was short-lived as the asset faced rejection and closed the week at around $64,000.
A brief resurgence on Monday after de-escalation news pushed BTC past $65,000, but it soon dumped below $63,000 due to bearish sentiment. The bulls intervened, and the asset regained traction, challenging $65,500 on Friday morning before being rejected once more.
The subsequent drop has been significant, with BTC sliding below $62,500 for the first time in over two weeks. Altcoins like RAIN have suffered even more, plummeting by double digits, while ZEC, XLM, and HYPE are down by up to 8%.