June 24, 2024
Bitcoin

Bitcoin price dips ahead of US inflation report and Fed’s decision on interest rates


Bitcoin’s value dropped below US$67,000 for the first time this month ahead of the U.S. inflation report and the Federal Open Market Committee’s decision on interest rates, both scheduled for this week.

The latest jobs report showed that the U.S. economy added 272,000 jobs in May. Given the ongoing inflation and robust job growth, investors have lowered expectations for interest rate cuts this year.

The Fed has kept the current rate of about 5.5% steady since July 2023.

Bitcoin’s fall on Tuesday has also brought down other cryptocurrencies as the total market capitalization fell 5.6% to about US$2.5 trillion, according to CoinGecko.

Ethereum traded below US$3,500 while Notcoin, the cryptocurrency from Telegram-based viral clicking game, suffered the day’s biggest loss with a 18.6% drop.

Brett, the largest memecoin by market capitalization on Coinbase’s Ethereum layer-2 chain Base, was not so far behind with a 18.4% loss.

Inflows in the 11 U.S. spot Bitcoin exchange-traded funds also hit the month’s lowest point on Monday, with US$64.9 million, according to data from Farside Investors.



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