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Bitcoin drops before Fed rate decision
Bitcoin's price has fallen to around $63,000, its lowest level in ten days, amid a wave of sell-offs in tech stock markets linked to artificial intelligence. This comes ahead of the U.S. Federal Reserve's upcoming decision on interest rate hikes, expected in the coming weeks. The decline coincided with a sharp drop in Asian tech company shares such as Samsung and SK Hynix, driven by concerns over continued investment in AI infrastructure and increasing competition from Chinese chip manufacturers. Investors are now estimating an over 80% chance of a rate hike in September, which reduces the appeal of non-yielding assets and hampers Bitcoin's recovery. Meanwhile, capital continues to exit Bitcoin investment funds in the United States, amid anticipation of tech company earnings reports and global political developments.
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