Bitcoin

After a long period, the price of <a href="https://coin-turk.com/bitcoin-bekleneni-yapti-btc-fiyati-artik-50-000-dolar" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/why-did-bitcoin-price-drop-from-30000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> dropped below $27,000, which is not in line with October’s historical performance. Investors were expecting a strong rise in the cryptocurrency this month, but it did not happen despite reaching the middle of the month. Surprises in the macro environment have greater consequences considering the fragile nature of cryptocurrencies.
<h2 style="text-align: justify" id="fed-and-treasury-statements">Fed and Treasury Statements</h2>
The price of Bitcoin dropped below $27,000 today, and the loss of the $27,200 support is a bad sign. The escalating conflicts between Palestine and Israel affect the economy with the possibility of further escalation. A war that spreads to countries in the region can cause significant problems in oil supply, thus pushing global inflation upwards.
US Treasury Secretary Yellen said today:
<blockquote>
 “The global economy is in a better condition than expected and we continue to monitor negative risks. Russia’s attacks on Ukraine are a significant headwind for the global economy. We do not expect it to destabilize the global economy while growth is slowing in some countries. We want to establish a healthy relationship with China. There is still a possibility of a soft landing for the US economy. However, the Israeli tension creates additional risks. We have not relaxed the sanctions on Iranian oil in any way.”
</blockquote>
Fed member Bowman said before the upcoming Fed minutes:
<blockquote>
 “Interest rates may need to rise further. We will monitor the effects of high interest rates on the risk position of banks.”
</blockquote>
<h2 style="text-align: justify" id="cryptocurrencies-falling-again">Cryptocurrencies Falling Again</h2>
Hawkish members like Fed’s Bowman are open to the idea of further interest rate hikes. If this week’s inflation data comes in above expectations, it can be considered as the last opportunity for a rate hike. Otherwise, the expectation that the markets have reached the peak for interest rates will strengthen.
The upcoming Fed minutes in the evening are important for the markets. The signal of some major changes is received from these minutes and it causes significant fluctuations in the market. For example, last year the Fed conveyed the message of interest rate hikes in this way. Now investors are hoping for good news regarding the interest rate ceiling.
<a href="https://coin-turk.com/simdi-aciklandi-fed-bu-veriyi-bekliyordu-kripto-altin-bitcoin-ve-gumus-yolunu-cizecek" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/crypto-market-shakes-as-blackrock-files-for-bitcoin-etf-and-gbtc-soars/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> is falling, and DXY is also falling despite the drop. This strengthens the possibility that large volumes of BTC transferred to exchanges yesterday were sold. The deepening geopolitical risks are highly unfavorable for the risk markets.
<img decoding="async" class="size-full wp-image-265311 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/DXY_2023-10-11_11-57-35.png" alt="" width="1815" height="847">
Yesterday, oil rose to $88.15 and then fell to $87.65. If the rapid recovery continues after the drop on October 5th, concerns about inflation may increase. Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-27000-fed-and-treasury-statements-affect-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-price-drops-below-27000-fed-and-treasury-statements-affect-crypto-market/</a>

Bitcoin Price Drops Below $27,000, Fed and Treasury Statements Affect Crypto Market

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