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Bitcoin and other cryptocurrencies experience significant value drops amid regulatory challenges and economic uncertainty surrounding the Federal Reserve's interest rate decisions.
Fri, 16 Jun 2023, 05:10 am UTC
The digital currency realm experienced an unexpected jolt this week as Bitcoin, the iconic digital asset, dipped below the $25,000 level for the first time since mid-March. This disruption followed the Federal Reserve's announcement of a pause in its series of interest rate hikes, a policy pursued for the past 15 months to combat rising inflation.
On June 15, Bitcoin witnessed a significant price drop within just half an hour, falling from $25,871 to $24,577, marking a 5% decline. However, the popular cryptocurrency managed to regain some ground, hovering slightly above the $25,000 mark at the time of this news report.
The past week has been a roller coaster ride for Bitcoin, as it grappled with multiple challenges while hovering around the $25,900 range. Not only did it face global economic uncertainties regarding the future direction of US interest rates, but it also contended with the aftermath of the SEC's legal actions against cryptocurrency exchanges Coinbase and Binance.
Following the Federal Reserve's announcement of a pause, Bitcoin's price experienced a sudden decline. While the market had generally anticipated this rate hold, the Federal Open Markets Committee's statement hinted at the possibility of future rate hikes. Such signals typically dampen investor enthusiasm toward risk-prone assets like cryptocurrencies.
Market analyst Josh Gilbert from eToro notes that Federal Reserve Chair Jerome Powell has indicated that this rate pause is a temporary measure, which could pose further challenges for Bitcoin in the long run.
Meanwhile, Ether, the second-largest cryptocurrency by market cap, also faced a decline of over 5% during the same period. Other altcoins, some of which are currently facing the SEC's lawsuits as securities, experienced a similar downturn, dropping by an additional 4%.
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PUBLISH (NEWS)
$0.000557 (-5.18%)
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Bitcoin (BTC)
$27,995.00 (+3.19%)
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Ethereum (ETH)
$1,686.31 (+0.27%)
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Tether USDt (USDT)
$1.00 (0.00%)
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BNB (BNB)
$216.56 (+0.39%)
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XRP (XRP)
$0.518464 (+0.17%)
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PUBLISH (NEWS)
$0.000557 (-5.18%)
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