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Bitcoin fell to the level of 42500 dollars

Bitcoin declined sharply to the $42,500 level. So what are the reasons behind this decline?

Bitcoin, which recently saw the $ 69,000 level and has been in a downtrend since then, fell sharply to $ 42,500 with a sharp decline. The cryptocurrency, which has lost more than 10% in value since the beginning of January, has caused many investors to break their positions.

Bitcoin Drop To $42500?

Bitcoin, which lost value with the effect of monetary tightening in the minutes of the US Federal Reserve (FED), is currently hovering at $ 42,500. In this regard, Ethereum, which has attracted attention with its rise in the last year, has also retreated to the level of $ 3,300. Of course, the drop affected more than these two cryptocurrencies. For example, while BNB is currently trading at $460, Mana has been withdrawn to $2.81.

On the night of December 4, when Bitcoin dropped by nearly 20 percent overnight, the lowest level was $ 42 thousand 296. Bitcoin, which experienced its biggest daily decline on the night of December 4, then closed the day around 48 thousand dollars.

It has published the minutes of the last meeting of the Federal Open Market Committee, held on December 14 and December 15. Officials stated that due to the labor market and high inflation, they may have to raise interest rates earlier than expected in order to slow down the economy and reduce the assets in their balance sheets.

After the minutes, the 10-Year US Treasury Bond yields climbed to 1.71%, the highest level since April. In addition, the dollar index, which measures the value of the dollar against other currencies, also moved upwards.

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