Bitcoin Sees Decline Ahead of FOMC Meeting, While Pi Network Experiences 15% Surge

The cryptocurrency market, which started this business week positively, saw some losses over the past day. Bitcoin (BTC) briefly fell to about $112,000, while Ethereum (ETH) and many leading altcoins also experienced losses. Conversely, Pi Network’s (PI) token showed a notable increase.

BTC Declines Before Fed’s Decision

On Monday (October 27), Bitcoin made a significant rise, even crossing $116,000. However, it has since entered a downward trend, with the price dropping to around $112,300. The bulls managed to regain some ground, and at the time of writing, Bitcoin is around $113,000, reflecting a daily decline of 1.2%.

BTC Price, Source: TradingView

The volatility is heightened just hours before the FOMC meeting, where the Federal Reserve will announce possible changes to interest rates in the United States. A 0.25% cut seems likely based on market bets. Analysts suggest that Bitcoin is at a critical point; it could either exceed $120,000 or drop below $100K.

Lower interest rates typically benefit market bulls by reducing interest in traditional investments and pushing more funds towards digital assets. Following Bitcoin’s price drop over the previous 24 hours, its market capitalization fell to approximately $2.25 trillion, with a nearly 59% dominance over altcoins.

Other Market Updates

Ethereum (ETH) followed a similar path as BTC, falling by 3% below $4,000.
Other cryptocurrencies also faced losses, including Solana (SOL) and Hedera (HBAR), with declines of 4-7%.
Interestingly, Pi Network’s token is currently the top performer, with a 15% surge to $0.26, alongside notable gains from TRUMP (+13%) and M (+4%).

The total market cap has retraced by 1.7% in the last day to about $3.88 trillion.

Cryptocurrency Market Overview, Source: QuantifyCrypto