With US economic statistics and policy, the price of Bitcoin dropped to $93k today: Dogecoin faces a 3% decline

Avijit SahNovember 27, 2024

2 11 2 minutes read

Wednesday saw the third consecutive session of Bitcoin’s decline as traders locked in gains following a recent rise. Hence the caution was also sparked by the expectation of additional U.S. policy indications.

Since late last week, the biggest cryptocurrency in the world has been experiencing a prolonged decline as investors locked in gains from a surge to all-time highs. The cryptocurrency’s failure to reach the desired $100,000 milestone also left traders feeling a little down.

Fears of a fresh trade war were stoked when U.S. President-elect Donald Trump threatened to put more trade taxes on a number of nations, further dampening risk appetite.

Bitcoin dropped 1.6% around 01:16 ET (06:16 GMT) to $93,131.5.

Focus on Trump initiatives and US economic data

This week’s focus was on a number of important U.S. economic measures that would probably affect interest rate outlooks.

Later on Wednesday, the Federal Reserve’s favorite inflation indicator, the PCE price index, is likely to release data that will influence the central bank’s intentions to further lower interest rates.

The data was released shortly after the Fed’s November meeting minutes revealed that officials were divided on the rate-cutting pace of future rate reduction, with some urging gradual easing.

Later on Wednesday, a revised reading of the third-quarter GDP figures is also anticipated. Concerns that the Fed will not have much motivation to quickly lower rates were raised by recent indications of the U.S. economy’s resiliency, particularly inflation.

However, traders were now waiting for Trump, who would take office on January 20, to give them concrete indications on crypto policy. Given that Scott Bessent and Howard Lutnick have both stated support for cryptocurrency, his choices for Treasury Secretary and Commerce Secretary were somewhat encouraging.

Today’s cryptocurrency price: monitoring altcoin retreats Weakness of Bitcoin

Following a massive melt-up in November, the majority of tokens saw a steady decrease in recent sessions as Bitcoin’s weakness spread to other prominent altcoins.

The second-best cryptocurrency in the world Ether dropped to $3,419.99, down 0.4%. With XRP leading losses, Solana, Cardano, Polygon, and XRP all had declines ranging from 0.9% to 5%.