Bitcoin (BTC) prices continue to decline in the post-Halving environment, with the world’s largest cryptocurrency experiencing a 3.8% drop against the US dollar on Wednesday after a 5% decrease on Tuesday.
In today’s trading session in Asia, the bears maintained their hold, causing BTC/USD to lose another percentage point.
At the time of writing, the pair was trading at $58,511.64, marking a nearly 9% decrease week over week.
Despite being anticipated, the Federal Reserve’s decision to maintain interest rates at 5.5% amid ongoing inflation concerns has kept the US dollar strong.
“The committee does not anticipate it will be appropriate to lower the target range until greater confidence is achieved that inflation is consistently moving towards 2%,” said Fed officials in a statement after their two-day meeting.
This stance is expected to continue exerting downward pressure on Bitcoin in the short term.
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, declined by 1.4% on Wednesday and continued to show bearish trends this morning. At the time of writing, the ETH/USD pair was trading at $2,948, marking a 4.6% decrease week over week.
In the broader altcoin market, BNB, Solana (SOL), Cardano (ADA), and Toncoin (TON) experienced declines in the mid to upper single-digit percentages, while Dogecoin (DOGE) saw its losses deepen to nearly 13%.
The global cryptocurrency market capitalization currently stands at $2.17 trillion, with bitcoin accounting for 52.5% of that value.
The Bitcoin price is $58,416.16, a change of 1.67% over the past 24 hours as of 3:04 p.m
