Crypto Price Today: Crypto Price Today: Bitcoin drops below $93,100; XRP and Shiba Inu fall by up to 5%

Bitcoin continued its decline last week, falling nearly 2% below the $93,100 level on Monday. The decline came after US Federal ReserveTough comments on Bitcoin’s strategic reserve and weaker-than-expected 2025 inflation outlook.

Although the Fed implemented a widely expected 25 basis point rate cut earlier this month, its forecast of just two rate cuts in 2025 was lower than market expectations of three or four cuts. This cautious outlook has dampened investor optimism.

Federal Reserve Chairman Jerome Powell heightened concerns, indicating that the central bank has no intention of storing Bitcoin. “We are not allowed to own Bitcoin,” Powell said during a press conference. “This is a matter for Congress, but we are not seeking to change the law at the Fed.”

These statements, along with the Fed’s stance, greatly impacted market sentiment, pushing Bitcoin lower. The cryptocurrency, which had been buoyed by optimism over reduced regulatory intervention, saw a reversal of its rally.Read also: Trump’s “Made in the USA” Bitcoin is an impossible promise to keep

At 10:29 a.m. EST, bitcoin was trading at $93,099, down 1.9%, with an intraday low of $92,882. Meanwhile, Ethereum was trading flat at $3,384. “It will provide a good opportunity to buy the dip ahead of the expected bullish first quarter of 2025,” said Vikram Suburaj, CEO. “Bitcoin is currently trading below $93,200,” said Mudrex CEO Edul Patel of Giottus.Edul Patel. “Despite the pullback over the weekend, BTC has remained above its 200-day moving average showing strong buying interest at levels Additionally, the Relative Strength Index (RSI) is currently at 42 – indicating that BTC is neither overbought nor oversold as it stands at $96,600 while. Support remains at the previous low of $92,800.”

Other major cryptocurrencies also saw declines, including XRP (5%), BNB (2.5%), Solana (2.3%), Dogecoin (2.2%), Cardano (2%), Tron (1%), Avalanche (3.2%), Chainlink (3.2%), Shiba Inu (3%).

“Most altcoins are in the red today, with Ethereum alone holding its range at $3,400. If there is a sudden crash, altcoins will bleed out against Bitcoin first,” Soburaj said.

(Disclaimer: The recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)