The value of the queen of cryptocurrencies continues to decline. This Monday, August 29, the value of Bitcoin dropped below the symbolic level of $20,000. One token is worth about $19,526 (-5%), the lowest since July 13th. Other digital currencies such as Ethereum also fell.
This new drop in prices is related to US monetary policy. Jerome Powell, the president of the US Central Bank, announced his determination to stop inflation. Interest rates will continue to rise, which will causesome diseasesto the US economy. Therefore, the most volatile values are avoided.
Edward Moya, Oanda’s chief market analyst, explains that “risk assets are in trouble as Powell’s fight against inflation will remain aggressive, even if it threatens an economic slowdown“.
Bitcoin is already down 3% over the past week, its third straight decline. Its value is now far from its record price of $68,990 (-70%).
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.