{"id":36189,"date":"2024-12-21T03:29:00","date_gmt":"2024-12-21T09:29:00","guid":{"rendered":"https:\/\/ustower.net\/?p=36189"},"modified":"2024-12-21T03:51:28","modified_gmt":"2024-12-21T09:51:28","slug":"price-of-bitcoin-falls-more-than-10","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=36189","title":{"rendered":"Price of bitcoin falls more than 10%"},"content":{"rendered":"\n

The price of bitcoin<\/a> has tumbled about 12% from a record high reached<\/a> earlier this week.<\/p>\n\n\n\n

After topping $108,000 for the first time on Tuesday, the world\u2019s largest cryptocurrency dropped to a price below $93,000 in early trading on Friday. Bitcoin soon recovered some of those losses, settling around $95,000 at 9:30 a.m. ET.<\/p>\n\n\n\n

The selloff rippled through the wider cryptocurrency market. Ether, the second-largest cryptocurrency, ticked down about 1%. Lesser-known dogecoin fell 4% and crypto-trading exchange Coinbase fell nearly 2%.<\/a><\/p>\n\n\n\n

The slide for bitcoin has largely come after the Federal Reserve announced<\/a> late Wednesday that it expects fewer interest rate cuts next year.<\/p>\n\n\n\n

Lower interest rates typically stimulate economic activity, drive up corporate profits and lift the value of forward-looking assets like stocks and cryptocurrencies. In theory, a longer-than-expected period of high interest rates could diminish those returns.<\/p>\n\n\n\n

The Fed\u2019s forecast sent stocks falling<\/a> within minutes and helped push bitcoin to its lowest level in weeks.<\/p>\n\n\n\n

The recent slide for bitcoin erases some of the gains enjoyed<\/a> since the election of former President Donald Trump<\/a>, who is widely viewed as friendly toward cryptocurrency. Still, the price has climbed about 36% since Election<\/a> Day.<\/p>\n\n\n\n

Bitcoin had climbed to a new high earlier this week after Trump reaffirmed support for a U.S. bitcoin strategic reserve<\/a>.<\/p>\n\n\n\n

A U.S. bitcoin strategic reserve would amount to a substantial government holding of bitcoin similar to the country\u2019s stockpile of oil or gold. Bitcoin bulls expect such a potentially large acquisition of bitcoin to drive up demand and hike the price.<\/a><\/p>\n\n\n\n

Supporters of a bitcoin strategic reserve also say the asset would help diversify the nation\u2019s financial holdings, protecting it from the possible decline in value of other assets, such as the U.S. dollar.<\/p>\n\n\n\n

Since the price of bitcoin is highly volatile, a large purchase of the asset could end up threatening the nation\u2019s financial stability rather than safeguarding it, some critics say.<\/p>\n\n\n\n

The major stock indexes rebounded on Thursday, recovering some of the losses they took after the Fed\u2019s unwelcome forecast.<\/p>\n\n\n\n

abcnews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of bitcoin has tumbled about 12% from a record high reached earlier this week. After topping $108,000 for the first time on Tuesday, the world\u2019s largest cryptocurrency dropped to a price below $93,000 in early trading on Friday. Bitcoin soon recovered some of those losses, settling around $95,000 at 9:30 a.m. ET. The selloff rippled through the […]<\/p>\n","protected":false},"author":5,"featured_media":36190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[25795,1586],"class_list":["post-36189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bitcoin","tag-price"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/36189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36189"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/36189\/revisions"}],"predecessor-version":[{"id":36191,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/36189\/revisions\/36191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/36190"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}