Cryptocurrencies see drop as Bitcoin trading close to USD37.K


(MENAFN) Cryptocurrencies experienced a decline in value yesterday, notably with the digital currency Bitcoin trading close to USD37,000. This drop coincided with a decrease in the value of the U.S. dollar, occurring in anticipation of the upcoming release of the Federal Reserve's preferred index reading later this week. The outcome of this reading has the potential to influence the direction of monetary policy.

According to data from CoinPass, Bitcoin saw a 1.37 percent decrease, settling at USD37,077.5 during the trading session. Ethereum, the second-largest virtual currency, also saw a decline of 2.7 percent, reaching USD2,021.14. Ripple, another prominent cryptocurrency, experienced a 2.47 percent drop, bringing its value to 60.24 cents.

This market movement highlights the sensitivity of cryptocurrencies to various economic factors, with the impending Federal Reserve index reading adding an additional layer of uncertainty to the market.

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