Why Bitcoin Is Falling Today
Since late afternoon yesterday, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO:BTC), traded roughly 2.8% lower as of 3:47 p.m. ET today on what largely seems to be driven by macro concerns.
Lawmakers are still working on passing a bill that would suspend the debt ceiling until 2025. The bill has been agreed upon and sent to the U.S. House of Representatives by President Biden and House Speaker Kevin McCarthy.
While most assets seem to have been impacted by the threat of default, Bitcoin seems to be coming under pressure today on concerns that the Federal Reserve will once again raise interest rates at its next meeting in a few weeks. Rising interest rates are one of the main reasons Bitcoin has seen its price fall so much since peaking in November 2021.
Source Fool.com
