The cryptocurrency market experienced significant fluctuations last week, with Bitcoin being no exception. After reaching its highest price tag in nearly six weeks at $76,000, the asset was rejected and declined to around $70,000.
This setback occurred despite the Federal Reserve's decision to keep interest rates unchanged, which met market expectations. However, Fed Chair Jerome Powell's comments on inflation and the economy led to further losses for Bitcoin, with its value dipping to $68,800 at one point.
Bitcoin has managed to recover somewhat since then but continues to struggle to stay above $70,000. Its dominance over alternative cryptocurrencies has also decreased by over 0.5% due to the strong performance of other assets such as HYPE, TRX, and HTX.