bitcoinFeature
Bitcoin drops below $80,000, crypto ignores Asian rally, Fed meeting starts
Bitcoin slipped under the $80,000 mark, trading near $79,700 and registering a 0.4% dip since midnight UTC. This movement occurred while Asian technology stocks experienced a rally.
Reported by 2 outlets · CoinDesk · CoinDesk
The DeFi index saw a decline of 1.8%, marking the largest drop recorded in any CoinDesk index. Meanwhile, the Federal Reserve is slated to commence a two-day meeting.
While South Korea’s Kospi climbed 3.1%, the crypto market failed to mirror the surge in Asian tech shares. Ether also saw a 0.5% decrease.
U.S. spot bitcoin ETFs absorbed $110 million on Monday, concluding a two-day period of capital outflows, according to Farside Investors.
In other market segments, Zcash (ZEC) gained 0.5% as co-founder Sean Bowe suggested an end to the 8% share allocated to newly minted coins funding the network’s community grants program.
Tokens tied to artificial intelligence declined, even as Asian tech shares rose; render (RENDER) and the graph protocol GRT$0.02495 each shed over 2%.
Celestia (TIA), starknet (STRK$0.05642), and pump.fun (PUMP$0.005148) all dropped around 3%, with Tokenomist noting that Celestia faces an unlock of 5.58 million TIA on Saturday.
DeFi tokens reversed Monday’s gains; aave (AAVE$157.15) fell 3.6%, and sky (SKY$0.07611), the token for the project formerly known as MakerDAO, lost 3.9%.
Why it matters
Bitcoin's dip suggests market caution despite positive movements in Asian tech sectors. Traders are now focused on the Fed meeting to gauge potential interest rate changes. This decision could significantly influence near-term crypto market direction.
