Bitcoin hits 6-week low as geopolitical tensions rise
Business
Bitcoin just slid about 4.5% from its recent six-week high, landing near $71,200 after almost touching $76,000.
The drop comes as worries over rising oil prices and tensions in Iran make investors nervous, driving a general pullback across global markets.
Interest rate cuts and geopolitical uncertainty
High inflation is making things tough for digital coins, not just Bitcoin, but also Ether and Solana, which both dropped over 6%.
As Paul Howard from Wincent put it, changing economic conditions are shrinking hopes for quick interest rate cuts.
Jasper De Maere at Wintermute added that any moves by the US Federal Reserve can shake up crypto prices fast, especially with all this geopolitical uncertainty hanging around.