Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $36,210.77 (-3.04%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,413.19 (-1.92%), while Tether has added 0.02% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has recorded positive dynamic all day in the context of rising stock indexes. By the end of the day, the reference crypto had gained more than 6%, reaching 5-day highs above $38,800.
BTC started to fall almost immediately after the announcement of the results of the two-day meeting of the US Federal Reserve. The regulator announced a reduction in bond purchases in early March, as well as an imminent rate hike, followed by a reduction in the Fed's balance sheet.
The fall of the benchmark crypto accelerated along with stock indexes within half an hour, when the Fed head Jerome Powell started a press conference. He said rising inflation could force the regulator to raise interest rates more aggressively.
Bitcoin could complete its upward correction if risk assets resume and amplify the fall after the Fed meeting."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,633,785,627,576.
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