Bitcoin continues to trade around $19,000, with little or no movement, but that could all change later today as the US Federal Reserve hosts an emergency meeting.
However, cryptocurrencies are mostly in the red, with XRP losing the most value in a single day.
Bitcoin to counter increased volatility?
The past week or so has been very smooth for BTC, which rose to $20,400 on Tuesday to hit a 12-day high before dropping sharply to $18,600. But it bounced back at that point and settled around $19,000 over the next few days, save for a short pump around $20,000.
The weekend was particularly quiet with Bitcoin hovering near $19,000. Monday starts on a similar note, with BTC trading a few hundred dollars above that line.
However, the scene could change later today when the US Financial Stability Oversight Board holds a meeting chaired by Treasury Secretary Janet Yellen.
“The preliminary agenda for the executive session includes an update from Federal Reserve and Commodity Futures Trading Commission staff on financial stability and energy market developments.” – said the department.
In the past, such meetings from the US financial authorities have led to increased volatility in the cryptocurrency market, and given that today is an “emergency” there may be more volatility.
XRP drops more
Ripple has been among the top performers in recent weeks, mostly driven by positive developments in its legal case against the US Securities and Exchange Commission. Today, however, the situation is different, with XRP dropping more than 7.5% to $0.44.
Ethereum, Cardano, Solana, Dogecoin, Polkadot, Sheba Inu, Matic, Tron, and Avalanche are also in the red now, albeit in less harmful proportions. Binance Coin is the only top 10 coin to appear slightly green.
More losses are evident from OKB, XLM, QNT, Chainlink, ATOM, and others. The cryptocurrency market cap is down about $15 billion a day but is still north of $900 billion.
Bitcoin price stabilizes after $19,000 before emergency Federal Reserve meeting: Market Watch debuts on CryptoPotato.