Haider Jamal

Mar 24, 2024

Bitcoin Undergoes Price Correction As International Economies Look To Recover

A significant portion of the cryptocurrency market experienced losses, with Ethereum (ETH) and Binance Coin (BNB) witnessing declines of approximately 4% and 5%, respectively. Bitcoin (BTC) continues to face price challenges, having dropped to $62,500 recently before recovering approximately two thousand USD.

Altcoins have also seen declines on a daily basis, contributing to the total crypto market cap remaining under $2.6 trillion. BTC faced a contrasting start to the current business week compared to the previous one, when it surged above $73,000 to reach its latest all-time high. However, bearish sentiment has dominated the market in the past week, evident via data provided by CoinMarketCap.


Bitcoin Down But Sentiments Still Up

Bitcoin experienced significant declines on Monday and Tuesday, preceding the second FOMC meeting of the year. It reached a 15-day low of under $61,000 amidst concerns over potential changes in monetary policies put forth by the Fed. Despite no such alterations by the US central bank, BTC quickly rebounded and surpassed $68,000 on Wednesday. However, this rebound was short-lived as the asset promptly dropped to $62,500 the following day.

Despite the recent declines, Bitcoin has shown resilience, possibly influenced by continuous ETF outflows, and has recovered more than two thousand dollars. Nevertheless, BTC remains down by over 2% on a daily basis, with its market cap below $1.3 trillion.

Altcoins also experienced losses on a daily basis, with Ethereum down 4% and struggling below $3,400, and BNB down by 4.5% below $560. Other altcoins such as Ripple, Solana, Cardano, Avalanche, Shiba Inu, Polkadot, and Tron have also witnessed declines in the past 24 hours, albeit to a lesser extent. TON emerged as the top performer among larger-cap altcoins, experiencing a daily surge of more than 11% and nearing $5. Bitcoin Cash is another notable gainer among the top 36 altcoins, with a daily jump of over 4% to $435.


Other Markets

Raphael Bostic, President of the Atlanta Federal Reserve, highlighted a shift in forecasts, with Bostic now projecting only one interest rate cut for the year. This adjustment sparked a bullish frenzy on Wall Street, prompting a surge in buying activity. Meanwhile, hedge funds are seen increasing their bearish Yen bets following a dovish policy hike by the Bank of Japan.

Elsewhere, China has downplayed economic risks while emphasizing policy flexibility, and retailers resort to extreme discounts amidst sluggish consumer spending. Additionally, Zimbabwe plans to maintain its local currency despite losses, while reduced cocoa crop yields in Ghana impacts local trade surplus. There is also concern in the chocolate market as prices surge due to cocoa deterioration in West Africa.

Meanwhile, El Salvador saw its economy go ahead of GDP figures. In Europe, Citi predicts continued growth in the stock market rally, while in the US, there is significant outflows by stocks leading up to the Federal Reserve meeting.


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