Markets
Bitcoin Prices Drop Below $66,000, Extending Cryptocurrency’s Decline
The price of Bitcoin fell below $66,000 in morning trading on Monday, extending last week’s declines as a slew of new US economic data dampened its previous hot streak.
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The popular cryptocurrency traded for around $65,600 on Monday, down nearly 2% in the past 24 hours at the start of the week. Over the past seven days, Bitcoin has fallen by around 6%.
After reaching all-time highs earlier this month when traded above $71,000, Bitcoin and the crypto market in general largely cooled down and continued to suffer steady declines. This fell below $67,000 last week ahead of the latest Consumer Price Index and the Federal Reserve’s interest rate decision, which arrived on Wednesday — and briefly dipped below $65,000 over the weekend.
The main measure of inflation fell to 3.3% year over year. For starters, Fed officials voted to keep the benchmark federal funds rate stable at 5.25% to 5.5% and predicted only one rate cut for 2024. Dow initially rose more than 350 points and the S&P 500 hit a new record high last Wednesday following the news, but those gains were later erased.
The declines seemingly dashed hopes of all-time highs for the biggest cryptocurrency, at least for now. And other cryptocurrencies followed suit, sinking along with Bitcoin.
Ether, the second-largest cryptocurrency by market capitalization, also fell 1.45% on Monday, hovering around $3,500. Other major blockchains, including Solana, Dogecoin and Cardano, fell between 2% and 3% on Tuesday morning as the crypto market continues its steady decline.
Overall, the global crypto market cap fell 1.6% in the last day, bringing its market cap to $2.39 trillion, according to CoinMarketCap.
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— Vinamrata Chaturvedi contributed to this article.