Bitcoin (BTC) Price Drops to 2-Month Low After Fed Minutes

The deteriorating macroeconomic climate and the collapse of industry giants like FTX and Terra have impacted the price of Bitcoin this year.

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Bitcoin fell to around $57,000 per unit on Thursday, hitting a two-month low after the US Federal Reserve released minutes from its June meeting suggesting the central bank is not yet ready to cut interest rates.

At around 2:30 p.m. London time, the cryptocurrency had fallen about 5% in 24 hours to $56,837, dipping below the $57,000 level for the first time since May 1, according to data from cryptocurrency rating site CoinGecko. Bitcoin has since pared some of its losses and was trading at $57,932.57, down 3.4% as of 5:05 p.m. London time.

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