Bitcoin Dips Below $63K as Market Volatility Intensifies
Bitcoin's price dipped below $63,000 on Monday after a minor relief rally on Sunday morning couldn't last. The asset had briefly touched $65,600 earlier in the week but was rejected at that level and fell to under $62,800 just before the FOMC meeting.
The Fed maintained interest rates unchanged, despite calls for a hike, leading to increased volatility in Bitcoin's price. On Friday morning, the cryptocurrency jumped to $65,400 before being driven south by bearish forces, losing around three grand and dropping to $62,400.
Bitcoin rebounded to $63,000 on Saturday but declined again to $62,200 later that day. The leg down on Monday was unfavorable for the bulls, pushing the cryptocurrency south to $62,200 once more. Although this level has stopped the free-fall, Bitcoin remains over 4% down weekly.
Its market cap has tumbled to $1.250 trillion, and its dominance over the alts is below 56.5%. Ethereum, XRP, SOL, DOGE, RAIN, ADA, and XMR are all in the red, while HYPE and BNB have posted insignificant gains.
Pi Network's PI had impressed with notable gains of 5-6% over the weekend but has since stalled, dropping over 5% to under $0.084.