Bitcoin and Altcoins Bounce Back After Fed’s Interest Rate Decision: Market Watch

Bitcoin’s price actions went through some volatility yesterday, especially after the conclusion of the latest FOMC meeting, but the asset has managed to recover the losses. Most altcoins are also in the green today, with ETH climbing back toward $3,900 and ENA exploding by double digits once more. BTC Recovers After FOMC Meeting After the correction at the end of the previous business week, which drove BTC to a 14-day low of under $114,500, the primary cryptocurrency managed to recover most losses and even headed toward $120,000 at the beginning of the current one. However, the resistance at that level turned out to be too strong for bitcoin’s current momentum, and the asset returned to around $118,000 yesterday ahead of the latest FOMC meeting for the year. All eyes turned to the US central bank, especially after the country’s GDP report for Q2 was significantly higher than expected. However, the Fed refused to change the interest rates, which resulted in some volatility for BTC. Perhaps also driven by the lack of any mention of a strategic bitcoin reserve in the White House’s digital asset report , which went live yesterday as well, the cryptocurrency dropped by several grand to below $116,000. Nevertheless, it has recovered most losses and challenged $119,000 earlier today. As of now, it remains about $500 away from that level, while its market cap has risen to $2.360 trillion. Its dominance over the alts stands at 59.4% on CG. BTCUSD. Source: TradingView ENA Back on the Run Most altcoins have turned green today after yesterday’s correction. Ethereum has risen past $3,850 after a 1.5% daily jump, while XRP is back above $3.15 following a similar increase. BNB, SOL, DOGE , ADA, HYPE, and XLM are also in the green. SUI has recovered over 4%, LINK is up by 3%, while HBAR has added 5.7% of value since yesterday. ENA has emerged as the top performer once again, having surged by over 16% to $0.675. The total crypto market cap has added $30 billion overnight and is up to $3.970 trillion on CG. Cryptocurrency Market Overview. Source: QuantifyCrypto The post Bitcoin and Altcoins Bounce Back After Fed’s Interest Rate Decision: Market Watch appeared first on CryptoPotato .