Bitcoin Price Declines to $92.7k, Set for Initial Monthly Drop Since August
Bitcoin price dropped to $92.7k, indicating its first monthly fall since August, expected to decline nearly 4% in December. A shift in Federal Reserve policy and low trading volumes contributed to the decline, while other cryptocurrencies also followed suit, reflecting a broader risk-off sentiment among investors.
As of Tuesday, Bitcoin has continued its decline, experiencing a reduction of 1.2%, which brought its price down to $92,733.4 by 01:11 ET (06:11 GMT). This marked the cryptocurrency’s first anticipated monthly decrease since August, with projections indicating a loss of nearly 4% for December overall. A recent drop in trading volumes due to year-end market conditions has contributed to this downward trend, alongside pressures from the Federal Reserve’s monetary policy shifts.
The cryptocurrency market has recently been affected by significant fluctuations, particularly Bitcoin, which surged nearly 40% in November following Donald Trump’s presidential election victory, reaching an all-time high of $108,244.9. However, this surge was followed by profit-taking and a general reassessment of investment positions in light of the Federal Reserve’s indication of fewer rate cuts than previously anticipated. Cryptocurrency values are subject to various macroeconomic factors that influence investor sentiment and market demand.
In conclusion, Bitcoin’s current price drop to $92.7k signifies a noteworthy shift in market dynamics, marking its first monthly decline since August. The changes in Federal Reserve policy and a general risk-off sentiment in global markets have influenced both Bitcoin and other altcoins negatively. As trading volumes decrease, a cautious outlook appears to prevail among investors in the cryptocurrency space.
Original Source: www.investing.com
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