Bitcoin is down 2%, falling below $ 60,000


Source: Arabic

Bitcoin fell today, Sunday, by 2% to reach $ 59.857 thousand, losing $ 1,240.5.

The cryptocurrency Bitcoin jumped 4.5% on Saturday to reach $ 61,000.

The cryptocurrency recorded its highest price on March 13 at 61.7 thousand dollars, and it rose by about 110% since the beginning of 2021 until yesterday.

It seems that the US aid requests data that appeared on Friday confirmed the validity of the US Fed’s vision, which is in favor of injecting more easing and lowering interest rates. These reasons lead to expectations of higher inflation rates.

US jobless claims revealed a rise to 744,000, while expectations were pointing to a decrease of 680,000, and the numbers came after a week of strong jobs data suggesting job creation at a faster pace.

In conjunction with this, the dollar index continued its decline after losing support from the high yield on US Treasury bonds for 10 years after dropping from a year high.

The results of the subsidy requests indicate that the Fed will continue its bond-buying programs, cutting interest rates near zero.

The Fed believes that there is an uneven recovery in the aspects of the US economy, which calls for not being overly optimistic about the speed of recovery.


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