The Price of Bitcoin Drops 9% Amidst Broader Sell-off of Risky Assets
According to CoinGlass, a cryptocurrency trading platform, over $1 billion has been drained from cryptocurrencies in the past 24 hours, with bitcoin accounting for almost half of that loss. Bitcoin, the world’s most valuable cryptocurrency, was trading at $26,327 early on Friday, 16% below its peak earlier this year. The overall market sentiment towards risky assets has suffered due to concerns expressed by officials at the US Federal Reserve. These concerns centered around the unacceptable levels of inflation, which could lead to another rate hike.
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