Bitcoin's price broke past the $80,000 mark and then fell back to around $77,000, where it became range-bound. Analysts said growing inflation worries in the United States have also weakened expectations for interest rate cuts.
According to global crypto market tracker CoinMarketCap on the 21st, as of 9 a.m., Bitcoin was trading at $77,488. It was up 0.95% from 24 hours earlier but remained stuck around $77,000.
Ethereum rose 0.85% from 24 hours earlier to $2,127. Over the same period, XRP (Ripple) climbed 0.38% to $1.36, and Solana gained 2.18% to $86.06.
According to the minutes of the Federal Open Market Committee (FOMC) in April released early that morning by the Federal Reserve (Fed), participants shared concerns that inflation could be more persistent than expected. Some also said additional tightening measures should be considered.
Analysts said the Fed's effective signal of a potential rate hike weighed on the virtual asset market. As the likelihood of rate cuts fell, investor sentiment toward the virtual asset market weakened.