Bitcoin Sees Weakness Ahead of CPI Report; Cardano, Solana Lead Fall in Major Cryptos
— Cardano, Weakness, Past, Seeks, Sees, Trillion, Fall, Weeks, Reserve, Rates — 1 min read
In May, the U.S. Federal Reserve raised interest rates by the largest amount since 2000 as it seeks to tighten monetary policy. The Fed's tightening has caused a drop in global stocks, which carried over to losses in bitcoin. Inflation concerns have contributed to bitcoin’s fall in the past several weeks. Bitcoin and other cryptocurrencies have also suffered from inflation concerns in recent weeks. The market is expected to see a rise in the value of bitcoin over the next few weeks. In the past few weeks, bitcoin's value has declined by more than 10 per cent since the Fed's hike in interest rates in May, according to the WSJ.com/Bitcoin.com data shows that the price of bitcoin has fallen by less than a per cent. Source