Markets
Bitcoin Prices Drop Below $66,000, Extending Cryptocurrency Decline
Bitcoin’s price fell below $66,000 Monday morning, extending last week’s declines as a slew of new U.S. economic data put a halt to its previous bullish streak.
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The popular cryptocurrency was trading at around $65,600 on Monday, down nearly 2% over the past 24 hours to kick off the week. Over the past seven days, Bitcoin has fallen approximately 6%.
After hitting all-time highs earlier this month, when it traded above $71,000, Bitcoin and the crypto market as a whole have largely cooled off and continued to experience steady declines. He fell below $67,000 last week ahead of the latest consumer price index and the Federal Reserve’s interest rate decision, both of which landed on Wednesday — and briefly dipped below $65,000 over the weekend.
The main measure of inflation fell to 3.3% year-on-year. Additionally, Fed officials voted to keep the benchmark federal funds rate steady between 5.25% and 5.5% and planned only one rate cut for 2024. The Dow initially jumped 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 have seemingly ended hopes of hitting all-time highs for the largest cryptocurrency, at least for now. And other cryptocurrencies followed suit, sinking alongside 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, all 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% over the past day, bringing its market cap to $2.39 trillion, according to CoinMarketCap.
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— Vinamrata Chaturvedi contributed to this article.