Bitcoin price fell to its lowest level since February 2024. Bitcoin fell to $54,400.
Bitcoin fell 8.1% on Friday, July 5, to its lowest level since February at around $54,400. Bloomberg reported this.
In the past month, Bitcoin has lost about 23% of its value, although it has gained about 30% since the beginning of the year.
The cryptocurrency has been trading low since late February on concerns that the US Federal Reserve (FRS) is not yet ready to start lowering interest rates. Fed policymakers need more evidence of slowing inflation to begin easing monetary policy.
High interest rates are considered negative for Bitcoin because they reduce demand for risky assets.
In addition, on July 4, German authorities sold about 3,000 bitcoins worth about $175 million. German authorities still own about 40,000 bitcoins confiscated in various criminal cases.
We remind you that in January the United States took an important step towards the legalization of Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.