Bitcoin’s situation worsened once more in the past 24 hours, and the asset fell to its lowest position since January 24.
Once the US Federal Reserve said it will increase the interest rate by 50 basis points, instead of the expected 75, last week, bitcoin’s price jumped and touched $40,000.
While it managed to remain there yesterday, it took another turn for the worse in the past several hours.
As of now, bitcoin struggles at $34,500, and it’s about 4% down on the day once again.
On a weekly scale, ETH is down by more than 8%, and the second-largest crypto has declined to $2,550 after exceeding $3,000 not that long ago.
Binance Coin has lost a similar percentage and now sits below $360.
For the second consecutive day, Terra is the most significant loser from the larger-cap alts.
Aside from Algorand, Axie Infinity, and Tezos, most other lower- and mid-cap alts are in the red as well.