EddieJayonCrypto
1 May 24
Bitcoin (BTC-USD) started May on a downward trend, hitting its lowest level in over two months at $56.6K before recovering to $58.6K. This decline was attributed in part to the Federal Reserve's decision to maintain higher interest rates amidst persistent inflation concerns. In March, Bitcoin saw it...
Bitcoin (BTC-USD) started May on a downward trend, hitting its lowest level in over two months at $56.6K before recovering to $58.6K. This decline was attributed in part to the Federal Reserve's decision to maintain higher interest rates amidst persistent inflation concerns. In March, Bitcoin saw its most significant monthly drop since November 2022, marking a challenging period for the cryptocurrency market. The Fed's decision to keep rates steady and adjust its balance sheet runoff provided temporary relief, though concerns about declining liquidity in the U.S. continued to weigh on assets like cryptocurrency. Standard Chartered analyst Geoff Kendrick emphasized the impact of diminishing liquidity on assets such as crypto, particularly in the face of robust U.S. inflation and reduced expectations for Fed rate cuts.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.