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

Bitcoin continues to trade around $19,000 with little movement, but that could all change later today as the US Fed plans to hold an emergency meeting.

Altcoins, however, are mostly in the red, with XRP losing the most value in a day.

Bitcoin To Cope With Enhanced Volatility?

The past week or so has been pretty good for BTC, which surged to $20,400 on Tuesday to set a 12-day high before falling sharply to $18,600. However, it bounced back then and settled around $19,000 over the next few days, apart from a brief bump towards $20,000.

The weekend was particularly quiet as bitcoin settled near $19,000. Monday begins on a similar note, with BTC trading a few hundred dollars above that line.

However, the picture may change later today as the US Financial Stability Oversight Board will have a meeting chaired by Treasury Secretary Janet Yellen.

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

Previously, these meetings of the US financial authorities increased volatility in the crypto market, and since today’s is an “emergency” one, there could be even more fluctuations.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

XRP falls further

Ripple was one of the best performers in recent weeks, mainly driven by positive developments in its legal case against the US SEC. Today, however, the situation is different and XRP has declined 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 cryptocurrency in the top 10 that is slightly in the green.

There are more obvious losses for OKB, XLM, QNT, Chainlink, ATOM and others. The crypto market cap is down about $15 billion in one day, but it’s still north of $900 billion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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