Impact, including the possibility of interest rate cuts being suspended
The price of Bitcoin, the leading cryptocurrency, is showing a weak trend, falling below $90,000 at one point.
According to CoinMarketCap on the 14th, as of 9:45 am on this day, the price per Bitcoin was $94,330.
The price of Bitcoin, which was showing a weak trend, fell to $89,941 at 11:35 pm the previous day, but then rose again to the $94,000 level.
This is the first time since November of last year that the price of Bitcoin has entered the $80,000 range again.
The price of Bitcoin threatened to hit the $100,000 level as recently as the beginning of this month, but has recently shown weakness as the US December employment level exceeded expectations and bond yields rose. This was influenced by the forecast that the U.S. Federal Reserve would not only slow down the rate of interest rate cuts this year but also stop cutting interest rates altogether.
“Liquidity is increasing due to strong year-end U.S. economic indicators, a strong stock market, and other places needing funds in the short term,” said James Davis, CEO of cryptocurrency trading platform CryptoBalce Exchange. “Bitcoin is acting like a currency.” If you want to do it, now is one of those times. “The U.S. dollar is strengthening and all other assets, including Bitcoin, are weakening when measured in dollars.”
Investor sentiment was optimistic going into the year, anticipating an incoming U.S. administration that would be friendly to cryptocurrencies, but investors are now thinking that the first quarter of this year could be more turbulent than expected, CNBC reported. He then added that the price of Bitcoin rose 120% in 2024, but is expected to be negative this year.
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