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Cryptocurrency: Bitcoin Falls To US$ 19,087: Fears Global Economic Slowdown


The cryptocurrency market dips post the US Fed 75 bps interest rate to control the mounting inflation rate. Today, on September 24, at 6.00 pm UTC, Bitcoin gained by 3.05% intra day, and was quoted at US$ 19,087.20. Yesterday, Bitcoin closed at US$ 19,286. In the last 5 days, Bitcoin fell by 2.46%. In the past 1 month, it has dropped by 10.68%. Additionally, in the last 6 months, Bitcoin plunged by 56.61%.

Cryptocurrency: Bitcoin Falls To US$ 19,087: Fears Global Economic Slowdown

On the other hand, other cryptocurrencies are showing a mixed trend. Ethereum was quoted at US$ 1,336.40, up by 0.72%. Yesterday, Ethereum closed at US$ 1,245.65. Litecoin was quoted at US$ 54.83, down by 0.72%, Dogecoin was quoted at US$ 0.0655 down by 3.36%, and Cardano was quoted at US$ 0.4611 up 0.20% today, till last traded.

However, the US stock markets are down in response to that. S&P 500 was down by 1.72%, stood at 3,693.23, and Nasdaq Composite was down by 1.80%, stood at 10,867.93, at the time of writing. On the other hand, the US Dollar index gained to 113.02, up by 1.50%, till last traded.

"Bitcoin was back in the red during Friday's session, as the token was once again trading below $19,000. The recent decline comes as the global economic slowdown has become more apparent. This week, both the Bank of England and the United States Federal Reserve have moved to increase interest rates, with the Bank of Japan also intervening in the currency market. Ethereum was also lower on Friday, falling below $1,300," a news noted.

Read more about: cryptocurrency bitcoin ether
Story first published: Saturday, September 24, 2022, 23:39 [IST]
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