As the end of September approaches, Bitcoin (CRYPTO: BTC), the dominant cryptocurrency, is on track to record its first quarterly drop for the year.
What Happened: Having declined approximately 11% since June, Bitcoin's present value stands near $26,970, according to Bloomberg.
The downturn follows a robust 83% ascent in the initial half of 2023, which acted as a recovery from a sharp 64% fall in 2022 amidst turbulence in the digital currency domain.
Bitcoin has been trading within a confined range for the latter half of Q2, influenced by global economic uncertainties.
Last week, the Federal Reserve opted to keep interest rates stable, hinting at an extended period of elevated rates, which can often deter investments in risk-prone assets.
"The Federal Reserve’s hawkish stance has heightened investor apprehension, leading to declines in both ...