Bitcoin Slumps Below $23,000 As Investors Assess Impact of Federal Reserve Interest Rate Moves.
12 Feb 2023, 08:00
Bitcoin Slumps Below $23,000 As Investors Assess Impact of Federal Reserve Interest Rate Moves
Bitcoin continued to slide Friday after losing support at the $23,000 level on Sunday. At press time, the largest cryptocurrency by market capitalization was trading at $21,749 after a 1.97% drop in the past 24 hours.
Last Thursday, Bitcoin surged as high as $24,240 after the Federal Reserve raised interest rates rate by 25 basis points dialling back the size of the increase for a second straight meeting. Fed Chairman Jeremy Powell further noted that disinflation was now in play, expressing confidence in bringing inflation down to the 2% target range without causing a significant economic downturn.