Bitcoin prices have witnessed significant fluctuations recently, as they were affected by important economic developments in the United States of America.
The value of Bitcoin fell from more than $70,000 to about $66,000 ahead of the release of US CPI data and the upcoming meeting of the Federal Open Market Committee (FOMC) on Wednesday.
Bitcoin is preparing for new developments:
Over the past week, Bitcoin has seen significant volatility as the value of the coin dropped from $72,000 to less than $68,600 in just a few hours.
Although the weekend was more stable, as Bitcoin recovered part of its losses and reached about $69,000, events took a positive turn at the beginning of this week.
The value of Bitcoin rose again to more than $70,000 on Monday.
However, this recovery was short-lived, as the end of a series of Bitcoin ETF inflows led to another decline in the value of the coin, pushing it to around $68,000 on Tuesday.
The price then fell again over the past 12 hours, falling to its lowest level since May 20 at $66,000.
This decline comes in light of the investor public's concern over the US Consumer Price Index data and the Federal Open Market Committee meeting
Despite these fluctuations, Bitcoin has managed to partially recover and is currently trading at over $68,200.
However, volatility is expected to continue with increasing interest in US market developments.
Currently, Bitcoin's market capitalization is estimated at less than $1.33 trillion, with a dominance of about 51.5% of the cryptocurrency market.
