Cryptocurrency prices fell sharply yesterday, with Bitcoin declining. Experts attributed the reasons for the decline of digital currencies, led by Bitcoin, to inflation data that affected expectations of postponing the US interest rate cut, causing the continued state of volatility that currencies have witnessed since they reached a new record level last month.
Bitcoin is anticipating an important event during the current month, which occurs approximately every four years, which is the halving, which halves the Bitcoin mining reward, which reduces the supply, and this may lead to a rise in prices, according to analysts’ expectations.
Although the high inflation rate may have a negative impact on Bitcoin due to the postponement of the interest rate cut, it may also be seen as a positive factor, as Bitcoin is considered a haven in light of high inflation.
The price of Bitcoin declined during yesterday’s trading by 5.16% to 67,358 thousand dollars.
The market value of the most famous cryptocurrency in the world fell to the level of $1.32 trillion. The price of the Ethereum currency also fell 8.79% to $3,236. The price of Binance Coin fell 5.01% to $584. The price of Cardano fell 14.48%, reaching $0.5052.
2024-04-13 22:04:27
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