On Monday, the price of bitcoin stabilized after a significant drop over the weekend, when it retreated from its last highs, drawing attention to key indicators of interest rates in the United States. Writes UNN with reference to Investing.com.
Last week, bitcoin peaked at 7 72,000, approaching the record set in March, but then there was a significant withdrawal of profits and a decline in its value after the dollar strengthened.
Now bitcoin is slightly up, reaching 6 69,534.4, while traders are waiting for the Fed meeting, which may affect the further dynamics of the value.
Unexpected data on wages in the United States led traders to rethink the likelihood of a Fed rate cut in September, which supported the dollar exchange rate and negatively affected the prices of cryptocurrencies.
Further inflation figures released on Wednesday may confirm that inflation continues to exceed the Fed's 2% - a-year target, leaving little room for rate cuts. This can create negative conditions for bitcoin and other cryptocurrencies, as they are usually used with high liquidity and soft credit conditions.
Overall, crypto markets suffered significant losses over the weekend due to the pressure of high rates and fixed profits after the increase in May. Earlier this week, Ether stabilized after falling, with RP, SOL and ADA showing slight gains.
Recall
The value of bitcoin declined, falling below the доларів 70,000 mark,amid the strengthening of the dollar after the publication of important US data on wages in the non-agricultural sector.