BTC Price Crashes to 2-Week Low as Fed and BoJ Hold Interest Rates

This past week was marked by significant economic activity, particularly in the wake of the Federal Reserve's FOMC meeting on Wednesday. The US CPI numbers from last week showed better-than-expected inflation data, which prompted a BTC rally to $67,000 before it was rejected.

The cryptocurrency regained some momentum on Monday after de-escalation news in the Middle East, pushing past $65,000 and reaching $65,600. However, bearish sentiment took over, causing BTC to dip below $63,000 a day later.

The bulls intervened and allowed the asset to regain traction following the Fed's decision to keep interest rates unchanged. On Friday morning, BTC challenged $65,500 once again but was ultimately rejected. This led to a painful drop, with BTC falling below $62,500 for the first time in over two weeks.

Some altcoins fared even worse, with RAIN plummeting by double digits and ZEC, XLM, and HYPE down by up to 8%. The market cap stood at $2.275 trillion, with a 24-hour volume of $60 billion and BTC dominance at 55.3%.