Bitcoin Crypto Currency Continues to Decline
The Bitcoin cryptocurrency continued to decline after statements by Federal Reserve President Jerome Powell, indicating a monetary tightening, reduced expectations of a new decrease in American interest rates this year. The largest cryptocurrency fell by approximately 3.1% below the $108,000 mark before reducing its losses on Thursday. This decline comes after the Fed's decision to lower its key interest rate by a quarter of a percentage point, bringing it to a range of 3.75% to 4% on Wednesday, in line with strong forecasts that had preceded the decision, marking the second consecutive decrease in the American rate. Powell warned investors against expecting another rate cut this year.
Market Reaction
The decline accelerated after the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, before the wave of selling calmed down quickly. Trump described the meeting as "stunning", which resulted in a trade agreement under which the United States would halve the tariffs imposed on Chinese products related to fentanyl, with the decision to be applied immediately.
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