"Remember it has gone up, apparently the price of BTC is going down again."
It is already known that the cryptocurrency market is in an uncertain movement as investors are still worried after the warning issued by Janet Yellen regarding the debt ceiling of the United States (US).
However, the entire crypto market including Bitcoin (BTC) was increasingly affected after the publication of the minutes of the Federal Open Market Committee (FOMC) meeting earlier this morning saw some members of the US central bank wanting to raise interest rates and some of them taking the opposite view.
In fact, the US government not being able to pay its debts coupled with the uncertainty of crypto regulations has been one of the reasons why the price of BTC and other digital assets have experienced a drastic fall.
According to Ruslan Lienkha, YouHodler's head of markets, said concerns about the US default, where there are 10 days left for the authorities to reach an agreement, have affected equities and digital assets, so far there has been no progress in the negotiations.
On Wednesday yesterday, crypto prices also took a dip after the latest UK Consumer Price Index (CPI) rose 6.8% in April, beating expectations of 6.2% and the highest point since 1992.
Although BTC in recent times has always been defined as a safe haven just like gold, the digital asset still has some shortcomings, commented the author of "The Crypto Trader" named Glen Goodman.
As of this writing, BTC price has plunged by 4.50% to $25,946 in the last 24 hours with a market cap of $502 billion further recording a 5.18% decline over the last week.
While the second largest crypto Ethereum (ETH) slipped around 4.30% at $1,771 with a market cap of $213 billion and Ripple (XRP) plunged 3.29% at $0.44, but still saw a gain of 0.24% over the past week.
