"It must be heartbreaking for investors to see BTC keep falling, it hasn't even crossed $30K yet."
The price of cryptocurrency king Bitcoin (BTC) appears to have plunged as high as $26,600 as details of the minutes of the Federal Open Market Committee (FOMC) meeting reviewed early this morning suggested an interest rate hike before the end of 2023.
There is no denying that an interest rate hike for the next FOMC meeting scheduled for November 1 is possible, but the minutes also reveal that all members agreed to keep interest rates on hold.
There is also agreement among the Committee members to be more cautious and look at the risks to achieve the inflation target at 2%.
So here it can be seen that the entire crypto market including BTC has seen a decline when the minutes of the FOMC meeting are more interested in giving mixed signals and not clear ones.
Plus the release of the United States (US) Producer Price Index (PPI) data last night for September was found to be a stronger than expected 0.3%, where it recorded a figure of 0.5%.
According to Caleb Franzen, the founder of Cubic Analytics is of the view that the price of BTC is not only capable of shrinking to $25,000 but can also retest the zone below that level.
As of this writing, BTC price has plunged by 2.53% to $26,758 in the last 24 hours with a market cap of $522 billion and has recorded a 3.57% decline over the last week.
While Ethereum (ETH) slipped around 1.00% at $1,557 in the last 24 hours with a market capitalization of $187 billion and Ripple (XRP) fell 2.37% at $0.48, then lost 8.37% in the last seven days.
