Although its price had stabilized and analysts believed it had bottomed out, this Friday morning Bitcoin slipped again. At 06:30 AM, the price of the cryptocurrency queen fell by 7.7%, bringing the token’s value to $21,404 (€21,218). It recovered slightly in the hours that followed, but remains volatile.
If it is difficult to explain what is justified this fall, then it can be the statement of the official of the American central bank, James Bullard. He plans to raise the prime rate again to enforce itsignificant downward pressure on inflation“.
Bitcoin’s fluctuations have become very predictable in recent months. The value of virtual currency is correlated with the macroeconomic environment. The health of the Nasdaq, fluctuations in inflation and central bank policy drive the price of the token up or down.
Ether, the second most popular cryptocurrency, is experiencing a similar setback. Its price decreased to 1742 dollars (-5.58%).
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.