Bitcoin price falls to $66k due to strong dollar and uncertain interest rates, sparking global decline

From Investing.com: 2024-04-03 01:41:47

Bitcoin price fell slightly on Wednesday due to pressure from a strong dollar and uncertainty over U.S. interest rates. It dropped 0.5% to $66,229.5 amid a broader decline in risk appetite, with global stock markets falling sharply. Asian markets were further affected by a devastating earthquake in Taiwan.

Bitcoin investors are on edge as the U.S. government prepares to potentially sell part of the 30.1K Bitcoins ($2.1 billion) recovered from the Silk Road marketplace. Social media reports suggest $139 million of Bitcoin was moved to a Coinbase deposit address, indicating a possible sale on the open market.

The strong price run-up of Bitcoin this year, driven by U.S. approval of spot exchange-traded funds, may face headwinds as capital inflows into these ETFs slow down. The prospect of higher U.S. interest rates could also impact Bitcoin’s performance in a high-liquidity, high-speculation environment.

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