The post How Low Can Bitcoin (BTC) Price Drop? appeared first on Coinpedia Fintech News
The total cryptocurrency market cap slipped over 6 percent in the past 24 hours to about $2.24 trillion on Wednesday, during the mid-London session. For the first time since February 2024, Bitcoin’s (BTC) price has dropped below the support range between $59,000 and $61,000 to trade around $57,123 at the time of this writing.
Following the heightened volatility, nearly half a billion dollars has been rekt in the crypto leverage trading, mostly involving long trades.
Top Reasons Bitcoin and Crypto Prices Dropped
Later today, the United States Federal Reserve will release crucial market data, including the benchmark interest rates and the FOMC statement. Today’s federal rate data will give guidance on expected interest rate cuts later this year.
The high expectations of the approval of spot BTC and ETH ETFs in Hong Kong cooled off after the products managed a significantly small fra
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