PakGazette– Bitcoin fell for the fourth straight day on Tuesday as the rally sparked by Donald Trump’s presidential election victory lost steam after the Federal Reserve turned hawkish last week.
fell 2% to $94,159.4 at 12:22 a.m. ET (05:22 GMT). It fell below the $93,000 level on Monday.
The token had fallen below the key $100,000 level last week after Federal Reserve officials signaled a slower pace for future cuts. Bitcoin has fallen for six of the last seven days.
Bitcoin loses steam after record spike in Fed rate outlook
Bitcoin last week recorded its first weekly decline since Trump’s election victory in early November.
The rally had taken prices to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Federal Reserve’s rate outlook.
The central bank cut rates by 25 basis points but signaled just two rate cuts for next year, compared with earlier expectations of four cuts.
This shift led investors to reevaluate their positions in speculative assets like Bitcoin, which contributed to its price decline.
Crypto Stocks Fall Following Bitcoin Prices
Cryptocurrency-related stocks fell on Monday following the downward trend of Bitcoin prices, which reached near the $92,000 level the previous day.
MicroStrategy Incorporated (NASDAQ 🙂 fell almost 9%, while Coinbase Global Inc (NASDAQ 🙂 fell 4%. Riot Platforms (NASDAQ 🙂 also closed lower on Monday.
MicroStrategy also came under additional pressure after announcing a sale of 1.3 million shares to buy 5,262 bitcoins.
The most valuable Bitcoin miner, Marathon Digital Holdings Inc (NASDAQ 🙂, fell 3.6%.
Crypto Price Today: Most Altcoins Up But Still Pressured
Other cryptocurrencies rose on Monday. Gains were limited as demand for speculative assets was still subdued after the Federal Reserve’s hawkish stance shook investor sentiment.
The world’s No. 2 cryptocurrency rose 3.2% to $3,431.48. Ether fell for several consecutive days since last week, but recovered slightly in the previous two days.
The world’s No. 3 cryptocurrency rose 3.1% to $2.2627.
rose 3.4% and jumped 5%, while gaining 2%. Among meme tokens, it rose by 1.8%.
