{"id":39939,"date":"2023-07-24T17:57:47","date_gmt":"2023-07-24T21:57:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-drops-this-week-is-all-about-the-fed\/"},"modified":"2023-07-24T17:57:49","modified_gmt":"2023-07-24T21:57:49","slug":"bitcoin-drops-this-week-is-all-about-the-fed","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39939","title":{"rendered":"Bitcoin Drops. This Week Is All About the Fed."},"content":{"rendered":"
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The price of Bitcoin and other cryptocurrencies was falling on Monday as traders look ahead to the Federal Reserve\u2019s monetary-policy decision this week. The global launch of a new cryptocurrency co-founded by OpenAI CEO Sam Altman was doing little to lift spirits in the sector.\u00a0<\/p>\n

\n Bitcoin
\n was down 0.7% at $29,726 over the preceding 24 hours early on Monday. The largest cryptocurrency has struggled to build on gains above $30,000 in recent months and the Fed\u2019s decision and messaging looks to be keeping buyers on the sidelines for risk assets at the moment.\u00a0<\/p>\n

\n

\u201cBitcoin is still fluctuating within a narrow range\u2026 and it will likely continue to do so until the conclusion of this week\u2019s FOMC [Federal Open Market Committee] meeting,\u201d said Yuya Hasegawa, an analyst at crypto exchange Bitbank.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014fell 0.4% to $1,868. Smaller tokens, or altcoins, were also dropping, with
\n Cardano
\n down 0.7% and
\n Polygon
\n losing 1.9%.\u00a0<\/p>\n

Another token joined the ranks on Monday as the founders of Worldcoin \u2013a cryptocurrency project which aims to create a digital \u201cproof of personhood\u201d via eye-scanning technology in the face of the growth of artificial intelligence\u2013 said the project had launched. It is backed by Sam Altman, best known for leading ChatGPT-developer OpenAI. <\/p>\n

Binance, the largest cryptocurrency exchange, said it would list the Worldcoin token. However, Worldcoin isn\u2019t currently available in the U.S. due to regulatory uncertainty around the crypto sector.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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