Bitcoin posts first quarterly decline of 2023
Bitcoin (BTC) fell to $27,000 at the end of September. This was the cryptocurrency’s first quarterly decline of the year, with its price being sensibly lower than three months ago. In July, Bitcoin hovered at about $31,000. This translates to a fall of nearly 13% over the second quarter of 2023. Per Bloomberg data, Bitcoin surged 83% in the first two quarter s of 2023, but traded in a relatively narrow range over the past few months amid an uncertain macroeconomic environment. While the Federal Reserve left interest rates unchanged at its September meeting, it signaled rates would remain high for longer to combat inflation. Higher interest rates tend to reduce the appetite for riskier assets like cryptocurrencies. You might also like: Crypto prices barely stir as Fed leaves interest rates unchanged Some investors had anticipated a spike in Bitcoin demand if the SEC approved spot Bitcoin exchange-traded funds (ETFs), but the SEC postponed decisions on ETF proposals ...