Bitcoin and other cryptocurrencies see value drop amid stronger dollar By Investing.com

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Bitcoin and other cryptocurrencies see value drop amid stronger dollar

Published Sep 22, 2023 20:46

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Bitcoin and other cryptocurrencies see value drop amid stronger dollar

BTC/USD

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ETH/USD

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Bitcoin and other cryptocurrencies experienced a decline in value on Friday, September 22, 2023, following a surge in the dollar's strength and lingering risk aversion after recent central bank decisions. Bitcoin's value decreased by 1% in the last 24 hours, falling to $26,644. This drop occurred shortly after the Federal Reserve's decision to hold steady rates, leading to a stronger dollar and a brief dip in Bitcoin's value to below $26,500.

Despite recovering some of its losses, Bitcoin was unable to reach its pre-Federal Reserve decision level of $27,000. However, analysts have noted that Bitcoin has managed to maintain a closing value above $26,500 since Thursday. This figure served as a significant resistance point last week. Analysts anticipate that if volatility in broader financial markets decreases as expected, Bitcoin may see a slight rebound in the coming days.

Nevertheless, potential triggers for a more substantial rally appear scarce as federal lawmakers continue to grapple with creating comprehensive legislation for cryptocurrencies.

The decline was not confined to Bitcoin; other cryptocurrencies also saw drops in their values. Ether, the second-largest cryptocurrency by market capitalization, fell by 1% to $1,595. Similarly, smaller cryptocurrencies or "altcoins" also experienced reductions in their values. Cardano fell by 1.3%, Solana decreased by 0.2%, and Dogecoin, a popular meme cryptocurrency, declined by 1.5%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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