Crypto
Bitcoin Plunges 3% Amid Tech Sell-Off and Rate Hike Fears
Bitcoin's price plummeted more than 3% to $63,494 yesterday, marking a 10-day low. This decline was triggered by a tech sell-off and concerns over a possible Federal Reserve rate hike this week or in September.
The market uncertainty surrounding the rate hike is putting pressure on non-yielding assets like Bitcoin, causing its price to drop.
However, despite the decline, large Bitcoin holders have been accumulating nearly 20,000 BTC recently, signaling confidence in the asset's long-term value. This accumulation has led some analysts to speculate that if Bitcoin breaks above $66,000 soon, it could lead to a price rally.