Breaking: Bitcoin Price Drops Below $60,000 – What’s Driving the Decline?!
The price of Bitcoin, the world's largest cryptocurrency, has dropped below $60,000 for the first time in a long while. At the time of writing, BTC is trading at around $58,946.
Several factors have contributed to this decline. One of the biggest factors is today's higher-than-expected inflation data in the US. This data could disrupt the FED's rate cut cycle or result in a smaller rate cut.
Another factor is the SEC's lawsuit against Cumberland, a well-known cryptocurrency company, accusing it of selling unregistered securities. Yesterday, the US legal barrier to selling BTC seized from Silk Road was also removed.
These factors have combined to create a downward pressure on the price of Bitcoin. It is unclear at this time whether this decline is temporary or if it is the start of a larger correction.
