The Crypto Price Drops. Bitcoin trading over the last 24 hours was reported to have fallen 0.49 percent until the price fell in the range of US$30,100 per coin in trading Monday (10/7/2023). This figure has fallen sharply when compared to prices in the previous week, where Bitcoin was priced above 31,000 US dollars per coin.
Following Bitcoin, a number of other top crypto coins also recorded price drops in today’s trading such as Ethereum which slumped 0.40 percent to $0.1860 per coin.
Then followed by the XRP coin which also went sideways until the price collapsed to 0.4686 US dollars. Meanwhile, Solana’s price movement fell to US$20.82 per coin. As well as Dogecoin which was dragged down in the range of 0.06474 US dollars per coin.
The decline in crypto trading today was influenced by the hot sentiment of the United States central bank, The Fed, which again called for the minutes to raise the benchmark interest rate to its highest level at its meeting in July.
This hawkish attitude has long been made by the Fed, even the chairman of the central bank Jerome Powell repeatedly emphasized that almost all officials accept the decision to raise interest rates at a meeting next week.
The Fed hasn’t disclosed how much it will hike rates this month, but investors are now pricing in an 85 percent chance of a July 2023 hike. Even though the hawkish stance was taken by the Fed, it was able to reduce America’s inflation rate to around 2 percent as planned by the US central bank.
The Crypto Price Drops. But the emergence of these minutes has prompted concern for crypto investors. Until they started reducing Bitcoin trading activity and the impact on the price drop of the top crypto coins over the last 24 hours.
