Following the recent local peaks, bitcoin reversed its trajectory and dipped below $23,000 for the first time in several days.
Most altcoins have followed suit, with Ethereum dropping beneath $1,600 and Polkadot dumping by double-digits.Ever since the US Federal Reserve last hiked the interest rates and President Biden refuted to admit that the country has entered into a recession, the price of bitcoin was riding high. It jumped above $24,000 at the end of last week and spiked even further during the weekend. This culminated in a price surge above $24,500, which became the cryptocurrency’s highest level since June 13.late on Sunday and yesterday. The past 24 hours brought some more pain for the bulls as bitcoin slipped below $23,000 for the first time since July 28. It currently trades there as well and its market cap has declined way below $450 billion.
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