Bitcoin
and other cryptocurrency prices were dropping Friday as the dollar strengthened and some risk-aversion lingered after the latest series of central-bank decisions.
Bitcoin
has fallen 1% over the last 24 hours to $26,644. A hawkish tone accompanying the Federal Reserve’s decision to hold rates steady has strengthened the dollar and led Bitcoin to drop briefly below $26,500 before recouping some of its losses. The largest cryptocurrency, however, has failed to regain $27,000, its level before the Fed decision.
“[Bitcoin] managed to close above $26,500 on Thursday, which was a persistent resistance last week, and continues to defend that level,” said Yuya Hasegawa, an analyst at crypto exchange Bitbank. “If … volatility in wider financial markets subsides as expected, Bitcoin could see a slight rebound in the next couple of days.”
However, catalysts for a stronger rally still look few and far between as federal lawmakers remain stalled on initiatives for comprehensive crypto legislation.
Beyond Bitcoin, other cryptocurrencies were also largely falling.
Ether
—the second-largest crypto—was down 1% to $1,595. Smaller cryptos, or altcoins, also were in the red, with
Cardano
falling 1.3% and
Solana
dropping 0.2%. Memecoins exhibited more of the same, with
Dogecoin
down 1.5%.
Write to Adam Clark at adam.clark@barrons.com
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