Bitcoin falls below USD60K amid cryptocurrency market drop, Fed interest rate concerns
Date
8/28/2024 5:32:50 AM
(MENAFN) Bitcoin has experienced a notable drop, falling below USD60,000 as the broader cryptocurrency market faces significant declines. The leading cryptocurrency decreased by 6.5 percent, trading at USD58,777, marking a substantial 20.3 percent decrease from its peak of USD73,794 reached on March 14 of this year. This drop in Bitcoin's value reflects a broader downturn affecting the market, which also saw Ethereum, the second-largest cryptocurrency, plummet by 8 percent to USD2,461.
The recent declines come on the back of Federal Reserve Chairman Jerome Powell’s comments suggesting that the US central bank might be poised to implement a cut in benchmark interest rates, potentially to their highest level in over twenty years. This development has contributed to the loss of gains accrued by major cryptocurrencies in the previous week. Despite the ongoing inflows into U.S. cryptocurrency exchange-traded funds, the market remains under pressure.
Concerns are also mounting about potential actions by the U.S. government, specifically the possibility of selling seized cryptocurrency tokens. These issues, coupled with market volatility, are compounding the challenges faced by the cryptocurrency sector, leading to the recent sharp declines in major digital assets like Bitcoin and Ethereum.
MENAFN28082024000045015682ID1108609880
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.