By The price of Bitcoin and other cryptocurrencies experienced a decline on Monday, with traders closely monitoring the upcoming monetary-policy decision by the Federal Reserve. Even the launch of a new cryptocurrency co-founded by OpenAI CEO Sam Altman failed to uplift market sentiment.
Bitcoin Continues to Struggle
Early on Monday, Bitcoin saw a 0.7% drop, falling to $29,726 over the preceding 24 hours. Despite sporadic gains above $30,000 in recent months, the largest cryptocurrency has been unable to maintain an upward trajectory. The cautious approach of buyers toward risk assets appears to be influenced by the Federal Reserve’s decision and messaging.
Yuya Hasegawa, an analyst at crypto exchange Bitbank, noted, “Bitcoin is still fluctuating within a narrow range… and it will likely continue to do so until the conclusion of this week’s Federal Open Market Committee (FOMC) meeting.”
Ether and Altcoins Follow Suit
Ether, the second-largest cryptocurrency, also experienced a decline of 0.4%, settling at $1,868. Other smaller altcoins, including Cardano (down 0.7%) and Polygon (losing 1.9%), mirrored the downward trend.
Worldcoin Enters the Market
In addition to existing tokens, a new cryptocurrency known as Worldcoin emerged on Monday. The founders of Worldcoin aim to establish a digital “proof of personhood” using eye-scanning technology, as a response to the growing influence of artificial intelligence. The project is backed by Sam Altman, renowned for his leadership in ChatGPT-developer OpenAI.
Binance, the largest cryptocurrency exchange, announced its intention to list the Worldcoin token. However, regulatory uncertainties surrounding the crypto sector prevent Worldcoin from being available in the United States at present.
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