According to Standard Chartered’s research on potential market surprises in 2023, they predict that the price of bitcoin could fall to $5,000.
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Following the Federal Reserve’s June meeting, cryptocurrency prices, including bitcoin, dropped. Bitcoin fell below $25,000 for the first time since March.
On Thursday, bitcoin was at $25,439.77, down more than 1%, with a low of $24,766.52. Ether also experienced a drop of over 3% to $1,667.56.
Other altcoins, such as Solana’s token (down 2.3%), Polygon’s (down 8.3%), and Cardano’s (down 3.5%), also experienced a decline.
An additional blow to the cryptocurrency market was the weakening of Tether (USDT), which lost its peg to the U.S. dollar, dropping to 99 cents on most exchanges.
However, bitcoin recovered some of its losses in the afternoon as traders considered the possibility of the first spot bitcoin ETF in the U.S. BlackRock, the world’s largest asset manager, is reportedly close to filing an application for a bitcoin ETF, although details are scarce.
The initial decline in cryptocurrency prices began after the Federal Reserve announced its decision to keep interest rates unchanged for now, potentially raising them later this year.
According to Michael Safai, managing partner at Dexterity Capital, the decline in prices is not primarily due to the Federal Reserve, but rather thin trading volumes and weak sentiment. Regulatory uncertainties have also played a role in keeping traders cautious.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
