Bitcoin Recovers After Weekend Plunge to $37,500… Amid Bloodbath in Altcoin Markets
Bitcoin

Bitcoin Recovers After Weekend Plunge to $37,500… Amid Bloodbath in Altcoin Markets

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7 months ago

According to Coinglass, the world's biggest cryptocurrency fell by 17.3% last month — its worst April performance since 2013.

Bitcoin Recovers After Weekend Plunge to $37,500… Amid Bloodbath in Altcoin Markets

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Bitcoin has rebounded after falling off a cliff in the run-up to the monthly close.

Saturday night saw the world's biggest cryptocurrency hit lows of $37,585, CoinMarketCap data shows.

According to Coinglass, the world's biggest cryptocurrency fell by 17.3% last month — its worst April performance since 2013.

There's growing nervousness as the Federal Reserve's Open Market Committee gathers for a key meeting on Tuesday and Wednesday.

Economists are expected to raise the base interest rate by half a percentage point — and an increase of this size hasn't been seen in 22 years.

Analysts are increasingly expecting another half a percentage point rise in June as the central bank battles to bring red-hot inflation under control.

Bitcoin trading volumes have dwindled in recent months as the prospect of higher interest rates tempts some savers away from cryptocurrencies.

Despite the weekend's turbulence, Bitcoin is pretty flat on a seven-day timeframe — down by just 0.8%.

The same can't be said for altcoins, with many nursing double-digit losses over the past week.

Avalanche, Polkadot and Polygon are all down by more than 15% — while Uniswap, Decentraland and The Sandbox have plunged over 20%.

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