Bitcoin slides to two-month low as Fed signals it’s not ready to cut rates yet

Posted under: Fintech
Date: 2024-07-05
Bitcoin slides to two-month low as Fed signals it’s not ready to cut rates yet

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.

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