CandleFocus 'Santa Rally' MIA as Bitcoin Falls to Lowest Price in a Month
2024-12-23
Author: Content Editor
Bitcoin's price fell below $93,000, hitting its lowest point in almost a month due to the absence of a Santa Claus rally and the cautious approach of the Federal Reserve towards rate cuts next year. The Fed's decision to lower interest rates by 25 basis points last week led to a decline in Bitcoin and other risk assets. The inflation rate in the US remains above the Fed's target of 2%. As a result of the Fed's hawkish tone, Bitcoin's price dropped 13% over the past week, while Ethereum and Solana's prices fell 18% and 15% respectively. XRP and Dogecoin also experienced declines. Despite lower trading activity during the year-end, analysts suggest that there is a possibility of a sharp rebound in the crypto market.
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