 |
| Broad Chart. Photo by bnnbloomberg.ca |
The price of bitcoin fell to its lowest level in a month due to money being taken out of digital asset investment products and the anticipation of future increases in US borrowing rates. This had a detrimental impact on the cryptocurrency market. The largest digital asset had a 2.7% decrease on Tuesday and is now trading at about $65,300 as of 10:26 a.m. Singapore time. Smaller currencies like Dogecoin, Solana, and Ether witnessed sharp drops in value.
According to data provided by CoinShares International Ltd., the largest withdrawal from digital asset products since March occurred last week, totaling $600 million. The Federal Reserve's projected fall in interest rates this year is due to the ongoing inflation, which poses a challenge for speculative assets such as cryptocurrencies. Bonds and equities have performed better this quarter than Bitcoin. This is in contrast to the previous three months, when digital assets outperformed traditional markets by a large margin.
Summary News: Bitcoin drops in selloff
Bitcoin dropped to its lowest level in a month as a result of withdrawals from digital asset investment products and increases in US borrowing rates. The largest outflow since March has been $600 million. The Federal Reserve has forecast a drop in interest rates due to the ongoing inflation, which increases the risk involved with speculative assets like cryptocurrencies. Bonds and equities have performed better this quarter.
News URL: https://www.yom9.com/2024/06/broad-crypto-market-selloff-drops.html
Next:
Newer Post
Previous:
Older Post
No comments:
Post a Comment