Bitcoin, the world’s largest cryptocurrency, experienced a sharp reversal in market momentum over the last 24 hours, falling from a recent high of $25,100 to around $24,000. During this time, Ethereum has also been steadily falling, mirroring Bitcoin’s downward trend.
Bitcoin Price Prediction
However, the upcoming release of US preliminary GDP statistics and PCE figures, which are expected to increase market volatility, is primarily to blame for the bitcoin market’s decline.
The impending release of the Federal Reserve’s February meeting minutes is another factor causing investors to hesitate and contributing to Bitcoin’s recent losses. The central bank is expected to take a hawkish stance in the minutes, which would limit cryptocurrency advances.
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,940.37 |
Surprisingly, the previously reported higher-than-expected US PMI has given the Fed more wiggle room in raising interest rates because of the economy.
Today’s Bitcoin Price
The current live price of bitcoin is $24,207, with a 24-hour trading volume of $28.9 billion. Bitcoin’s value has risen by 0.47% in the last 24 hours. According to CoinMarketCap, Bitcoin is now the most valuable cryptocurrency, with a live market value of $467 billion, a circulating supply of 19,299,243 BTC coins, and a maximum supply of 21,000,000 BTC coins.
