Zcash Shines as Bitcoin Slips Amid Fed Expectations
The crypto market saw a decline of 2.3% over the past 24 hours, bringing its total capitalization to $2.58 trillion. Among the top 40 most actively traded cryptocurrencies, only Zcash showed significant gains, rising by 3.8%. On the other hand, the worst performers were Bitcoin, which fell below $75,000 for a third consecutive day, and several others that dropped by around 8-9%.
The price of Bitcoin dipped after the US Senate failed to pass the CLARITY Act, a bill championed by President Donald Trump. This development led to increased expectations for signals from the Federal Reserve on Wednesday, which could have a more significant impact on market volatility than the already priced-in 25-basis-point rate hike.
From a technical analysis perspective, a drop in Bitcoin's price below $72,000 does not necessarily indicate a break of its medium-term bullish trend. However, it may flush out some short-term positions from the market.