NEW YORK / LONDON (IT BOLTWISE) – Bitcoin price has undergone a dramatic decline, falling to a new six-month low of $91,000. This development follows uncertainties surrounding the US Federal Reserve’s upcoming interest rate decision and its impact on the crypto market.
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Bitcoin price has seen a significant decline, falling to a new six-month low of $91,000. This development follows uncertainties surrounding the US Federal Reserve’s upcoming interest rate decision, which has significantly impacted the crypto market. Analysts attribute the price drop to increasing caution among investors reacting to the possibility of a rate hike.
The Federal Reserve is facing the challenge of assessing the impact of the recent government shutdown, which has delayed key economic data. Fed Chairman Jerome Powell has stressed that another rate cut is not guaranteed, adding to uncertainty in markets. This uncertainty has led to a retreat from large institutional investors, who withdrew $1.8 billion from crypto ETFs last week.
In addition to macroeconomic factors, the decline in Bitcoin prices also has technical reasons. A so-called “death cross” was recorded on the charts, a bearish signal that occurs when short-term averages fall below long-term trends. However, historically, this could also be a sign that a market bottom has been reached, which could indicate a possible recovery.
The impact of the price drop is also being felt across the broader crypto market. Ethereum and Solana have also suffered significant losses, resulting in a total loss of $1 trillion in the crypto market. The Federal Open Market Committee’s upcoming interest rate decision in December is seen as a crucial factor in the future direction of the Bitcoin price.
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