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Bitcoin has struggled to decisively break above $30,000 in recent months. (Photo by OZAN KOSE/AFP via Getty Images)
The price of Bitcoin and other cryptocurrencies was down on Monday as traders anticipated the Federal Reserve’s monetary policy decision this week. The global launch of a new cryptocurrency co-founded by OpenAI CEO Sam Altman did little to boost morale in the industry.
was down 0.7% at $29,726 in the previous 24 hours early Monday. The largest cryptocurrency has struggled to build on gains above $30,000 over the past few months and the Fed’s decision and messages appear to be keeping buyers on the sidelines for risk assets for the time being.
âBitcoin is still fluctuating in a narrow rangeâŠand it will likely continue to do so until the conclusion of this week’s FOMC (Federal Open Market Committee) meeting,â said Bitbank analyst Yuya Hasegawa.
Beyond bitcoin, Ether â the second largest crypto â fell 0.4% to $1,868. Smaller tokens, or altcoins, were also down, with gimbal down 0.7% and Polygon lose 1.9%.
Another token joined the ranks on Monday as the founders of Worldcoin â a cryptocurrency project that aims to create a digital âproof of personalityâ via eye-scanning technology in the face of the growth of artificial intelligence â said the project was launched. He is backed by Sam Altman, best known for leading OpenAI, the ChatGPT developer.
Binance, the largest cryptocurrency exchange, said it would list the Worldcoin token. However, Worldcoin is currently not available in the United States due to regulatory uncertainty around the crypto sector.
Write to Adam Clark at adam.clark@barrons.com
