The price of Bitcoin and other cryptocurrencies experienced a decline on Monday, with traders closely watching the upcoming Federal Reserve monetary-policy decision. Even the global launch of a new cryptocurrency co-founded by OpenAI CEO Sam Altman failed to uplift market sentiment in the sector.
As of early Monday, Bitcoin was down 0.7% at $29,726 over the past 24 hours. Despite some attempts to surpass the $30,000 mark in recent months, the largest cryptocurrency has struggled to make substantial gains. The cautious decision-making and messaging from the Federal Reserve seem to be keeping buyers on the sidelines, particularly in the case of risk assets.
Yuya Hasegawa, an analyst at crypto exchange Bitbank, commented on the ongoing fluctuations of Bitcoin within a narrow range, stating that this pattern is likely to persist until the conclusion of the week’s Federal Open Market Committee (FOMC) meeting.
In addition to Bitcoin, Ether—the second-largest cryptocurrency—experienced a decline of 0.4%, falling to $1,868. Other smaller tokens, or altcoins, were also facing drops, including a 0.7% decrease in Cardano and a 1.9% decrease in Polygon.
Meanwhile, another token entered the market on Monday, as the founders of Worldcoin announced the launch of their cryptocurrency project. The aim of Worldcoin is to establish a digital “proof of personhood” using eye-scanning technology as a response to the expansion of artificial intelligence. The project has gained support from Sam Altman, renowned for leading ChatGPT-developer OpenAI.
Binance, the largest cryptocurrency exchange, has confirmed that it will list the Worldcoin token. However, due to regulatory uncertainties surrounding the crypto sector, Worldcoin is currently unavailable in the United States.
