Bitcoin Price Falls Below $62,500 Amid Market Turmoil
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Written by
Yana Levkovich - Updated 2024-06-27 15:25:14
The price of Bitcoin has fallen under $62,500. This is one of the biggest drops in value the digital currency has seen this year. Right now, Bitcoin is worth about $62,490. This price drop came after six days when more people were selling Bitcoin ETFs in the US than buying. People are also not sure what will happen with money policies as over the last week, Bitcoin's price has gone down by 6%.
Ethereum, the second-biggest digital currency, has also lost 6% of its value in the last week. It was close to $4,000 earlier in the month but has now dropped to $3,360.
The Federal Reserve has decided not to change the main interest rate.
They only plan to reduce it once this year. This is less than the three times they had thought they would earlier. Prices are not going up as fast as before, but they're still higher than the 2% goal the Fed has. When interest rates stay high, people might not want to invest in risky things like digital currencies.
The broader cryptocurrency market is also experiencing a downturn.
The total value of all digital currencies has decreased by 3.5% in the last day, now standing at $2.39 trillion. Notably, BNB, Solana, and XRP, among others, have seen significant drops in value, with losses of 6.6%, 16%, and 4% in the last week.
TON, a digital currency from Telegram, has also lost value. It has dropped 13% from its highest price of $8.25 earlier in the month.
Even the seemingly resilient meme coins like Dogecoin, Shiba Inu, and PEPE are not immune to the market's volatility. They've experienced losses of 5%, 6%, and 11% in just one day. Dogwifhat, another meme coin, has seen a particularly steep decline, losing about half of its value from last week.
