Carnage on the cryptocurrency market. Bitcoin price dropped below $60,000

Bitcoin price is falling. It has already broken through the USD 60,000 level. The mood hasn't been this bad in weeks.

Bitcoin rate below USD 60,000

The last 24 hours are not a happy time for cryptocurrency fans. Bitcoin price dropped below $60,000. Altcoins are following the lead of the digital currency.

At the time of writing this text, one bitcoin is worth only USD 59,877, which means a decrease of 10% in 7 days and 5.5% since yesterday.

If someone invested in ether a week ago, they are down 8%. Within 24 hours, the decline was 5.9% 1 ETH costs USD 2,983.

However, it is worth adding that we may be at a turning point right now. There was a decline due to high volume. This may signal that the worst is behind us or that we are close to hitting the bottom.

At the same time, however, we are facing the Friday announcement of new data from the US labor market. The fate of financial markets may depend on them. And from the words of Jerome Powell, the head of the Fed.

It so happens that when we celebrate May 1, the FOMC meeting (Federal Open Market Operations Committee, the equivalent of the Polish Monetary Policy Council) will end in the evening, and Jerome Powell will meet with journalists at 8:30 p.m. CET. . His conferences are closely watched. Literally any sentence, or even word, can lead to violent market reactions.

I assume that Powell will probably toughen his tone. He will sound more hawkish than after the previous FOMC meetings. Higher inflation readings and calm in the labor market should ensure this attitude. I do not rule out that the Fed will know approximately the labor market data on May 1, which will be released on May 3, but this will most likely not be important for the FOMC's decision.

– said Piotr Kuczyński in his report published on

In terms of interest rates in the USA, we can assume that cuts will take place this year, but not in June, as the market previously assumed. CPI inflation in the United States has recently increased too much, while the core inflation is not falling. This is bad news for investors.

The mood is starting to be bad again

As you can see, we have a lot of uncertainty on the market. So it may be time to buy some cryptocurrencies. The mood also suggests this. Bitcoin's fear and greed index dropped to 54, which is in the neutral area.

The above article does not constitute investment advice.