Bitcoin Price Cuts Below $25,000 After Fed Rate Decision; NFTs are slipping off the radar

Cryptocurrency prices rose late Wednesday and were lower early Thursday after the Federal Reserve skipped a rate hike but signaled two more rate hikes later this year. The price of bitcoin retreated below $25,000 for the first time since March overnight Wednesday while Ethereum fell to a three-month low.

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Bitcoin, Ethereum Dive

Bitcoin retreated more than 4% in the past 24 hours to trade below $24,900 on Thursday morning, recovering slightly from an overnight low of $24,789. The move marked the first time the world’s largest cryptocurrency has fallen below the $25,000 level since mid-March after hovering between $26,000 and $28,000 in the last weeks of May.

Ethereum slid 6.3% lower in the past 24 hours to trade near three-month lows around $1,635 early Thursday. The overnight losses pushed the number two crypto below $1,700 for the first time since early March. Ethereum was trending near $1,900 early last week before the Securities and Exchange Commission cracked down on exchanges.

Crypto markets were rattled last week after the SEC charged two of the top exchanges, Binance and Coin base (COIN), with rule violations.

NFT interest falls

Meanwhile, interest in non-fungible tokens (NFTs) has plummeted over the past year. Google’s search interest in the term peaked on the 19th-25th. June last year, but fell by 68% to the week of 4-10. June, according to a report from BanklessTimes.

“As the hype around NFTs has cooled, so has people’s interest in them,” BanklessTimes CEO Jonathan Merry said in the release. “NFTs experienced unprecedented increases in value before, attracting speculative investors. But the market would always correct itself, and that’s what we’re seeing now.”

The floor prices for NFTs, or the lowest price for an NFT in a collection, also appeared. The price floor for Bored Ape Yacht Club NFTs cut 27% lower in the last 90 days to 45.22 ETH, according to token tracker NFT Price Floor. The collection reached a record high of 128 ETH on April 30, 2022.

CryptoPunks, the largest NFT pool by market cap, has seen its floor price down 26% over the past three months.

The floor prices for The Sandbox and Decentraland, which use NFTs to build their versions of the metaverse, have nearly halved over the past 90 days.

You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison

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