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Bitcoin Declines To Its Lowest Point

On Thursday, cryptocurrency prices were under pressure as investors struggled with resurgent worries about the American economy.

At its most recent price of $28,506.00, Bitcoin was down nearly 2%, according to Coin Metrics. After the minutes of the Federal Reserve’s July policy meeting were made public, the slide started. The price of bitcoin fell as low as $28.335.42 late on Wednesday, its lowest level since late June.

According to the central bank minutes from the July meeting, the Fed sees “upside risks” to inflation that could possibly result in additional rate hikes. The Fed increased its benchmark interest rate at that meeting to the highest level in more than 22 years. Markets have been placing bets that the central bank won’t change interest rates any further this year. As a result, the 10-year U.S. Treasury yield reached its highest closing since 2008 and the stock market plummeted for a second straight day on Wednesday.

Source (CNBC)

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