HomeCryptocurrenciesWhy did the price of bitcoin drop today

Why did the price of bitcoin drop today

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Why did the price of bitcoin drop today
Why did the price of bitcoin drop today (Image Credit: Hara Khaber)

In the last 24 hours, cryptocurrency markets have dropped which give us a reason that why did the price of bitcoin drop today? At the time of press, the global market capitalization has dropped to $1.24 trillion and the value of the bitcoin has dropped by more than 5% and is currently valued at $29,823.

Beginning in June, US markets have turned around unexpectedly since this morning, and so did the bitcoin.

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What Dimon has to say about it!

JPMorgan CEO Jamie Damon recently spoke about the current state of the economy, which has shaken US markets and bitcoin. What exactly did he say, and how does it affect the bitcoin?

In a recent video clip, Jamie Damon’s statements were reviewed by a CryptosRUs. This statement were about the future of the economy and their implications for the bitcoin. Jamie started with the markets, which were already in the headlines.

The Dow, which was 200 points higher this morning, has now reversed to almost negative 400 points, and the NASDAQ, which was 2% higher this morning, is already negative 1%.

Now, the bitcoin is still intact. Unfortunately, it has come down from the 31-6 barrier, but it is still hovering around 38,800. That’s all around the level of a few days ago.

Jamie Damon just spoke in front of a group of investors that why people pay attention? JP Morgan currently works with cryptocurrency, and the company is expanding rapidly in space, despite Jamie’s claims that he is still not a fan of bitcoin.

Dimon is concerned about two main factors:

The first thing Jamie is concerned about is that the Federal Reserve has indicated. It will end its emergency bond-buying programs and reduce its balance sheet. Quantitative austerity, or QT, is set to begin this month, with bond holdings being slashed by $95 billion each month.

Michael Seller’s hope for frightened investors

Another billionaire, Michael Seller, analyst reported that bitcoin is the way to go and that gold dominates SMP NASDAQ as well as JP Morgan. Such statements by the great bitcoin bull give hope to frightened investors in a turbulent market.

People need a safe place to be free from government, agency, or company involvement, symbolized by the bitcoin. A fair, open, and equitable network offers a simple guarantee for anyone who wants to join: everything you have is yours, and no one will take it away from you. This is basically a bitcoin!

What you want to know

The Federal Reserve is under pressure to reduce its inflation rate, which is three times its target of 2%, which has increased the cost of living for Americans.

Inflation has been on the rise for decades, driven by supply chain disruptions and the spread of the Corona virus, raising fears. That the Fed will mistakenly lead the economy into a recession in its fight against rising prices.

Policymakers seek to cool the economy and bring demand closer to the epidemic that has pushed inflation to its highest level in 40 years. Maybe their efforts are paying off.


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