The decline represented a loss of over 5% of Bitcoin's value and contributed to a $1.6 billion reduction in the global cryptocurrency market capitalization.
FED Chair Jerome Powell ruled out the possibility of considering Bitcoin as a viable asset for national treasury reserves, amplifying bearish sentiment toward the cryptocurrency.
Expectations of higher medium-term interest rates weakened the appeal of risk assets like Bitcoin, which had just reached a new all-time high of over USD $108,000.
Analysts warn of a potentially prolonged period of volatility, raising doubts about the sector's short-term recovery capabilities given the macroeconomic backdrop.
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