Bitcoin Drops Below $28K: What’s Next for Crypto Market?

• Bitcoin dropped below $28,000 as the crypto market lost $20 billion from its total market cap.
• The altcoins are also in a bad shape and even yesterday’s notable gainer has turned red today.
• Bitcoin experienced extreme volatility last week with prices ranging between $27,000 to a multi-day high of $30,000.

Bitcoin Price Plummets Below $28K

The crypto market has taken a hit as it lost another $20 billion from its total market cap and bitcoin’s price took a plunge below the $28,000 mark. Even BNB – which was yesterday’s notable gainer – has turned red today.

Volatility in BTC Price

Bitcoin has seen major volatility over the past week, with prices ranging between $27,000 and a multi-day high of $30,000 within hours. However, this leg-up was followed by immediate rejection that brought it back down to its starting price again. More recently though the cryptocurrency started an upwards trend once more only to be rejected at the threshold of $30,000 yet again before entering the weekend at around $29,000.

Bearish Market Sentiment

The bearish sentiment in the crypto market had an even bigger impact this time as BTC plummeted to a 6 day low of 27650 (on Bitstamp). This however could all change when markets respond to any potential news or insights revealed during today’s FOMC meeting where policy makers are expected to discuss inflation rates among other topics..

Implications for Altcoins

The altcoins have not been spared either and many have seen losses over these past few days with some seeing double digits losses over 24 hours including Cardano (ADA) which saw 9% loss while Ethereum (ETH) saw 7%.


It remains unclear how much further BTC will drop but markets should expect increased volatility ahead of this Fed meeting as investors try to position themselves ahead of any major announcement from policy makers.