Monday, June 24, 2024

Bitcoin tumbles following U.S. Fed remarks

The price of Bitcoin fell to its lowest level in months following remarks from the U.S. Federal Reserve. The cryptocurrency dropped in value from $47,000 USD earlier this week to less than $42,000 per digital coin today. It follows minutes from a meeting of the Federal Reserve, which suggested it may raise interest rates, the BBC reports. Political events in Kazakhstan have also raised concerns about the network’s capacity. Because of its global and decentralised nature, attributing a rise or fall in the price of Bitcoin to a single cause is difficult. But many commentators have pointed to the release of the Federal Reserve’s December meeting notes as one factor. The minutes suggest that America’s central bank might raise interest rates sooner than some had anticipated, and sell off some of its assets. That could have led to a knock-on effect of traditional investors who hold Bitcoin, as they pursue less risky assets instead.

 

https://www.bbc.com/news/technology-59907864

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