Bitcoin Dips Below $90,000 as Fed Cuts Rates, Stocks Surge
Bitcoin experienced a decline in Asian trading hours as the US Federal Reserve made significant financial moves. This drop occurred against a backdrop of optimism about the economy and a reduction in interest rates.
Bitcoin Dips Below $90,000
On Thursday, Bitcoin’s value fell by 3.2%, dipping below the $90,000 mark. This decrease followed an intra-day high of $94,490 recorded the previous day, as per Bloomberg data.
Impact on Other Cryptocurrencies
Alongside Bitcoin’s drop, other smaller tokens also saw declines. Notably, Ether lost as much as 5.2% of its value during this trading session.
Market Context
- Federal Reserve cuts interest rates.
- Positive economic outlook from Fed officials.
- Broader market sees gains while cryptocurrency declines.
The fluctuations in Bitcoin’s price highlight the ongoing volatility in the cryptocurrency market, especially in response to macroeconomic changes.
