The biggest cryptocurrency by market value, Bitcoin, had a significant drop once the US market opened. A major cause of this decline is the waning likelihood of rate decreases by the Federal Reserve. There have been no noteworthy developments since the Securities and Exchange Commission's (SEC) ruling against Salt Blockchain.
US Market Impact
At the time of writing, Bitcoin was valued at $54,500, having reached a daily low of $54,522. Analysts pointed out that the ongoing consolidation below $58,000 could lead to further declines. Despite favorable US economic data, high-volume sales pressured the bulls, who were unable to prevent the drop.
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Poor employment data, which has increased the likelihood of more Federal Reserve rate cuts, is now impacting US markets. Bitcoin, which often mirrors stock market trends, was also affected by this downturn. The S&P 500 fell by 1.37%, while the Nasdaq declined by 2.11%.
