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![BTC falls back after failing to top $24,000 Will it hold up before the FOMC?[Virtual currency market]](https://s3.cointelegraph.com/storage/uploads/view/33e34d837e322667fa4e0d591fb2b4d1.jpg)
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author Yuya Hasegawa Bitbank Market Analyst
After graduating from a graduate school in the UK, he worked as an analyst in the FinTech industry and the virtual currency market at a venture company consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. since 2019. He has a track record of providing comments to major domestic financial media and contributing to overseas media.
Bitcoin (BTC) against the yen on the 30th fell back and eliminated the increase in the weekend. BTC tried the milestone of $24,000 (≒3,124,000 yen) in dollar terms over the weekend, but when the altcoin market, which led the rise, stalled in Tokyo time, it turned to depreciate from around 3,100,000 yen. At the beginning of international time, US stocks fell ahead of the US Federal Open Market Committee (FOMC) and financial results of major US tech companies, and BTC also accelerated its decline, dropping to around 3 million yen. After that, the selling of altcoins and the decline in US stocks toward the end of the day weighed on the market, and BTC fell below 3 million yen.
Figure 1: BTC vs. Yen for the previous day (left, 1-minute) and BTC vs. Yen for the last 3 months (right, daily) Source: Created from bitbank.cc
