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The volatile bitcoin price moves continued in the past 24 hours due to the quickly developing situation in the Middle East, but the asset seemed to have calmed at around $105,000.
However, more fluctuations are expected today as the US Federal Reserve concludes its fourth FOMC meeting of the year, although most anticipate no changes in interest rates.
BTC Back to $105K
Israel’s rather surprising attack against Iran last Friday morning caused an immediate turmoil in the cryptocurrency market, as bitcoin slumped from $108,400 to under $103,000 within hours. Although both sides continued to exchange missile blows for the next several days, BTC started to recover some ground over the weekend and even went on the offensive at the start of the current business week.
The culmination transpired on Monday evening and Tuesday morning when the bulls drove the primary cryptocurrency to a multi-day peak of roughly $109,000.
However, the asset faced immediate rejection at that point and was pushed south hard once again. After the latest developments on the Middle East front, which include Trump’s threats against Iran, bitcoin plunged beneath $103,500 yesterday.
It has bounced off since then and even tapped $105,600, but that was short-lived, and the asset is back to just under $105,000 now. As mentioned above, volatility is expected to pick up later today as the US Fed will announce its interest rate decision.
For now, BTC’s market cap has dropped below $2.090 trillion on CG, while its dominance over the alts is close to 62%.
Alts in Red
Most altcoins have registered further losses over the past day. Ethereum is close to breaking below $2,500 after another minor decline, while XRP has dumped to $2.15 following a 3% drop. SOL, HYPE, ADA, LINK, UNI, and PEPE have marked similar losses, while SUI has plunged by over 6%.
The top performers from the largest 100 alts include KAIA (5%), SEI (2%), and NEXO (2%). In contrast, SKY, FARTCOIN, TKX, and VIRTUAL have lost the most value.
The total crypto market cap has declined by another $60 billion in a day and is down to $3.380 trillion on CG.
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