• Sunday, May 19, 2024
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Bitcoin dips to $26.5K as rising dollar spells crypto headache

Bitcoin reaches new all time high of $71,000

Cryptocurrency prices dropped on Thursday because people were worried about what Jerome Powell, the head of the Federal Reserve, said. He talked about keeping money conditions tight and interest rates high for a long time. As a result, the price of Bitcoin went down to about $26,600, which is 1.5 percent less than before, according to Coindesk.

But some good news about delaying payments related to the Mt. Gox problem didn’t really help much.

Read also:WOO, LINK, three other cryptocurrencies to watch in Sept 2023

Another cryptocurrency, Ether, dropped below $1,600 and kept losing against Bitcoin. It reached its lowest point in 14 months. It went down 1.8 percent in one day, similar to the overall market.

Other big cryptocurrencies like Solana, Polygon, Lido, and Optimism had even bigger losses, going down 3 percent to 5 percent in one day.