Bitcoin lost its bullish momentum

Bitcoin lost its bullish momentum

The most popular cryptocurrency Bitcoin (BTC)After the Fed statement, it lost its upward momentum.

Bitcoin outperformed 97 percent of S&P 500 companies in 2023. After the financial crisis in the crypto market and the collapse of several major banking institutions, Bitcoin recorded better results than almost 100 percent of the top 500 trading companies in the United States in March 2023.

Since March 10, bitcoin‘s transaction price fell 37.06 percent. On this year’s turnaround, the price has increased by over 72 percent. BTC has also posted higher (YTD) returns than 97 percent of S&P 500 companies since the start of the year.

In the S&P 500, only 12 companies managed to cross the threshold with 35 percent of YTD returns. This means that Bitcoin has outperformed FedEx (27.2 percent YTD return), Apple (19.3 percent YTD return), and Amazon (17.5 percent YTD return).

Bitcoin price dropped below $28,000

bitcoinAfter hitting $28,000 at the end of last week, it lost its bullish momentum on Monday, March 20. Before the Fed’s decision to raise interest rates by 25 basis points on Wednesday, March 22, investors stagnated, while the price recorded a fluctuating movement around $28,000.

Earlier on Monday, Bitcoin’s transaction price was around $28,400. The Fed announced that it is collaborating with five other major central banks to ensure the stable flow of the US dollar. After the bank’s announcement, the price of Bitcoin fell below $ 28 thousand.

Stefen Rust, CEO of data provider Truflation, stated that faith in the fiat banking system is rapidly fading and that the only alternative is Bitcoin. He added that Bitcoin’s rapid rise is a sign of fear that more problems are lurking in the banking industry.

At the time of writing, Bitcoin’s price is trading at $28,288, up 2.06% over the past 24 hours, according to CoinMarketCap.

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