Bitcoin’s price fell over 10% in the past 24 hours to below $30,000 Monday evening, continuing a descent that began at the end of last week and carried on throughout the weekend.
Bitcoin briefly spiked above $40,000 on May 4 after the Federal Reserve announced it would fight inflation without larger rate hikes, but those gains were quickly erased. The price has continued to fall since.
“Interest rates increased, crypto markets dumped,” Crypto expert Wendy O said in a TikTok analyzing the market. “Personally, I feel we may bottom out at $29,000 again and get a pump in July. This is why you should have a bullish and bearish plan because the markets can switch super fast.”
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