Bitcoin price dropped today to the $19,200 level, as a market correction erased most of the gains from yesterday’s rally.

Bitcoin price is down nearly 1.5% in the last 24 hours and is currently trading at $19278.

Bitcoin is still up 1% in the past seven days, barely holding on to the gains from yesterday’s rally.

The price of most cryptocurrencies has fallen:

The cryptocurrency market depends on the macroeconomic factors surrounding it.

The price of Ethereum is down more than 2% in the last 24 hours and is very close to falling below the $1,300 level, as it is currently trading at $1,304.

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XRP is one of the biggest losers in the cryptocurrency market with its price down nearly 3% yesterday, the coin is currently trading at $0.46.

XRP has fallen by 5% in the last 7 days.

Cardano also faced a 3% drop, and Solana a 3.7% drop, with Cardano currently trading at $0.35 while Solana is trading at $29.97.

Tron coin managed to maintain the positivity and is currently trading at $0.062 after gaining 0.3% in the last 24 hours.

The prices of Shiba Inu, Avalanche, and Ethereum all decreased by 2-4% in the past hours.

On the other hand, Chainlink, NEAR, and Algorand are down more than 3% in the last 24 hours.

Why did the crypto market crash today?

The cryptocurrency market is facing a long winter due to the negative pressure of macroeconomic factors.

The latest inflation data highlights the Federal Reserve’s losing battle against inflation.

The CPI revealed worse-than-expected inflation, which was also confirmed by the Producer Price Index.

The Fed is almost certain to raise interest rates by another 75 basis points, which it has done the last four times in a row.

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Therefore, experts believe that any cryptocurrency rally will be short-lived.

CME Fed Monitor currently shows a 95% chance of raising interest rates by 75 basis points.

When will the price of bitcoin rise?

Bitcoin price is down today as macroeconomic factors remain unfavorable.

However, experts believe that the rise of the cryptocurrency may take some time.

Bank of America predicts a stock rally in early 2023 while cryptocurrency expert Florian Groms predicts that a crypto bull market may take another year to come.

That is, the crypto winter, according to Grooms, is still long.

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