Big Gains From ZEC and HYPE, BTC Price Stable Above $64K: Market Watch
After testing the $62,000 support on a couple of occasions since August began, bitcoin has managed to weather the storm and now sits above $64,000 as markets expect a Strait of Hormuz deal to be announced today.
Most larger-cap alts have produced contracting performances over the past day. XMR, XRP, and XLM are in the red, while HYPE and ZEC have posted notable gains.
BTC Reclaims $64K
The US Federal Reserve FOMC meeting brought some intense volatility to the crypto market, as BTC slumped from $65,600 to $62,800 before the event, and then jumped back to over $65,000 a day after it. However, the predominantly bearish market sentiment prevailed, and the asset was rejected at $65,300 on Friday morning.
The subsequent rejection was quite painful, as bitcoin dropped to $62,400 within hours. Its rebound attempt on Saturday was halted at $63,200, and it fell to $62,200 on Saturday evening for the first time in about a month. A more successful recovery took place on Sunday morning after US President Donald Trump called off the planned strikes against Iran.
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