Bitcoin’s price slumped to around $57,000 apiece Thursday, hitting a two-month low after the U.S. Federal Reserve released minutes from its June meeting indicating the central bank isn’t yet ready to cut interest rates. Rival token ether, the world’s second-largest cryptocurrency, was down 5% at $3,120. Higher interest rates are typically less favorable for bitcoin and other cryptocurrencies as it dampens investor risk appetite.
Bitcoin’s price slumped to around $57,000 apiece Thursday, hitting a two-month low after the U.S. Federal Reserve released minutes from its June meeting indicating the central bank isn’t yet ready to cut interest rates. Rival token ether, the world’s second-largest cryptocurrency, was down 5% at $3,120. Higher interest rates are typically less favorable for bitcoin and other cryptocurrencies as it dampens investor risk appetite.