Bitcoin and Ether slide after crypto market cap regains $1 trillion

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Bitcoin and other cryptocurrencies lost ground on Wednesday following a recent rally. Bitcoin in January was in recovery mode after falling 64% in 2022. The broader crypto market this month regained a valuation of over $1 trillion. LoadingSomething is being loaded.

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Bitcoin and other cryptocurrencies fell on Wednesday, after recent gains propelled the valuation of the broader cryptocurrency market above $1 trillion.

Bitcoin fell 1.3% to $22,699 and Ether fell 2.1% to $1,565.60. Among other altcoins, Solana fell 1.5% to trade at $24.16, and dogecoin lost 1.8%.

So far in 2023, bitcoin is up around 37%, rebounding from a dismal “crypto winter” performance in 2022 that left the digital asset down 64%.

Its January lead helped push the cryptocurrency market back to a valuation of over $1 trillion. The market lost control of that valuation after FTX collapsed in November, which has since led to founder Sam Bankman-Fried facing eight criminal charges. He pleaded not guilty to the charges.

“Bitcoin is consolidating after hitting a five-month high. The recent rally was unable to break above the $23,500 level, which could pave the way for a slight decline towards the $22,000 region,” said Edward Moya, senior market analyst at Oanda, in a note late Tuesday.

He said bitcoin is facing major macro events that could lead the world’s largest cryptocurrency to tread water in the near term.

“Once all the dust has settled from the fourth quarter GDP, the Fed’s preferred inflation indicator and the decision of the Federal Open Market Committee, strong resistance should come from the $25,000 level,” a- he declared.

Meanwhile, the USDC stablecoin slipped 0.2%. Its parent company Circle blamed the U.S. Securities & Exchange Commission for the failure of its $9 billion plan to go public through a SPAC, according to the Financial Times.

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