Bitcoin, which has been trending downwards for a while, faced a significant drop today. This decline, which negatively affected many cryptocurrencies, disrupted the balance in the market. Experts continue to discuss the potential course of Bitcoin. Here are the details.
Bitcoin falls below $25,000!
Today, Bitcoin dropped below $25,000 for the first time since March. Bitcoin, affected by the price decline in the cryptocurrency market after the June meeting of the Federal Reserve, fell below the $25,000 level. The coin was trading around $24,700, causing disruptions in altcoins such as Ether, Tether (USDT), Solana, Polygon, and Cardano. For example, Tether (USDT), before the drop, declined to around 99 cents from being pegged to the dollar. Exchanges quickly took action regarding this matter.
This downward movement started after the completion of the June meeting of the Federal Reserve, where it was decided not to make any changes to the interest rates for now. Although a significant drop in stock prices was expected immediately after the news, cryptocurrency prices experienced a sharp decline after the market closed.
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Leading cryptocurrency exchanges announced that they have taken action on the matter. It is expected that Bitcoin will trade between $25,000 and $27,000 after the release of emergency funds. Expert analysts state that it is unlikely for Bitcoin to surpass these levels at least for now.
What are your thoughts on this situation? How do you think the cryptocurrency world will progress? Feel free to share your opinions with us in the comments section.
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