Bitcoin Flat at $19K Ahead of Fed’s Emergency Meeting: Market Watch

source : cryptopotato.com

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Bitcoin continues to trade at around $19,000, with little-to-no moves, but all of that can change later today as the US Fed is scheduled to host an emergency meeting.

The alternative coins, though, are mostly in the red, with XRP losing the most value in a day.

Bitcoin to Face Enhanced Volatility?

The past week or so went quite smoothly for BTC, which spiked to $20,400 on Tuesday to mark a 12-day high before dropping sharply to $18,600. However, it bounced off at that point and calmed around $19,000 for the next several days, aside from one brief pump toward $20,000.

The weekend was particularly calm as bitcoin stood close to $19,000. Monday starts on a similar note, with BTC trading a few hundred dollars above that line.

However, the landscape can change later today as the US Financial Stability Oversight Council will have a meeting presided by Treasury Secretary Janet Yellen.

“The preliminary agenda for the executive session includes an update from staff of the Federal Reserve and the Commodity Futures Trading Commission on financial stability and energy market developments.” – said the department.

Previously, such meetings from the US financial authorities brought enhanced volatility to the crypto market, and given the fact that today’s is an “emergency” one, there could be even more fluctuations.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP Drops the Most

Ripple was among the best performers in the past few weeks, mostly fueled by positive developments in its legal case against the US SEC. Today, though, the situation is different, and XRP has declined by more than 7.5% to $0.44.

Ethereum, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, MATIC, Tron, and Avalanche are also in the red now, albeit with less harmful percentages. Binance Coin is the only top 10 cryptocurrency slightly in the green.

More losses are evident from OKB, XLM, QNT, Chainlink, ATOM, and others. The crypto market cap is down by about $15 billion in a day but still stands north of $900 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.