"Bitcoin drops to lowest level in over a month, crypto market loses $70 billion"

" \n Bitcoin drops to lowest level in over a month, crypto market loses $70 billion \n \n\n \n As a result of Federal Reserve Chair, Jerome Powell\u2019s comments that the U.S. central bank may continue hiking interest rates, the price of Bitcoin dropped significantly this morning to $20K. \n \n\n \n Following Powell\u2019s remarks, the remainder of the crypto market was also down. The price of Ethereum, the second-largest digital asset, is currently about $1,500, down 10% in the last day. \n \n\n \n According to CoinGecko data, the total value of the cryptocurrency market was $978 billion, a 4% 24-hour decline. market worth dropped by around $70 billion. \n \n\n \n Early Friday at the central bank\u2019s Economic Symposium, the price of the leading cryptocurrency fell to its lowest level in more than a month due to the tightening of monetary policy. \n \n\n \n As investors awaited Powell\u2019s eagerly anticipated speech in Jackson Hole, Wyoming, the biggest cryptocurrency by market capitalization fell as low as $20,180, down more than 4% over the previous day. \n \n\n \n Macros on other assets \n \n\n \n Risky assets are underperforming as Powell maintains his tough anti-inflation strategy even if it will result in an economic slowdown. \n \n\n \n As a result, the dollar has gotten stronger, while other markets\u2014like the U.S. stock market\u2014have suffered as a result of investors turning away from risky investments in the face of economic uncertainty. \n \n\n \n The Dow Jones plummeted 1.6%, the S&P 500 sank 1.9%, and the Nasdaq 100 fell 2.5% in the wake of the Fed\u2019s primary statement. \n \n\n \n Since investors holding digital assets have started trading them like tech stocks more lately, Bitcoin and the larger crypto market have closely followed the stock market. \n \n\n \n At its upcoming meeting in September, the Federal Open Market Committee will decide whether to raise rates by 50 or 75 basis points. Powell said the decision will\u00a0 \u201cdepend on the totality of the incoming data and the evolving outlook.\u201d \n "

"Bitcoin drops to lowest level in over a month, crypto market loses $70 billion"

Harnessing Sub-Saharan Africa’s critical mineral wealthAMP

Prof Lord Mensah warns Government may resort to T-Bill refinancing amid sustained demandAMP

Eni Board to submit Employee Stock Ownership proposal at Shareholder meeting on May 15AMP