Concerns regarding a potential interest rate hike by the Federal Reserve in September affected the demand for BTC among buyers. Minneapolis Fed President Neel Kashkari heightened the possibility of such a hike in an essay where he discussed prevailing interest rates and persistent inflationary pressures. Additionally, the Nasdaq Composite Index saw a decrease of 0.10%.

On Wednesday, the price of Bitcoin declined, undoing the rebound witnessed in recent sessions. Based on CoinMarketCap data, Bitcoin (BTC) has fallen below the $63,000 threshold. 

Over the past 24 hours, Bitcoin has experienced a 2% decrease. At this time of writing, Bitcoin (BTC) is trading at $62,350. Moreover, the trading volume has notably decreased by over 10.76% in the last 24 hours. 

The SEC’s actions also contributed to the losses after issuing Robinhood (HOOD) a Wells notice, the SEC filed a response brief in the ongoing SEC vs. Ripple case. The arguments presented by the SEC against Ripple’s opposition brief increased uncertainty surrounding the case. Notably, the response brief emphasized the SEC’s stance on the cryptocurrency market and suggested its intention to persist in pursuing crypto players in the US. 

Meanwhile, prominent cryptocurrency analysts have initiated conversations about the potential revival of the altcoin market, mirroring the notable uptrends observed during the 2020-2021 periods. 

Miky Bull, a respected figure in crypto analysis, recently emphasized in a post on X the overlooked signals indicating that the altcoin market capitalization could align with the early signs of burgeoning alt season. 

Miky Bull’s analysis suggests a developing situation reminiscent of the altcoin excitement from two years ago, which resulted in significant increases in various altcoin values. However, he has voiced apprehensions that the crypto community may not be fully acknowledging or mentally preparing for the potential recurrence of such a market scenario.

At this stage, investors are encouraged to adopt informed strategies when navigating the market, given the volatility and unpredictability often associated with crypto investments.