Bitcoin/USD on track to record its first quarter drop this year

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Bitcoin/USD on track to record its first quarter drop this year

Bitcoin BTC/USD, which is the dominant cryptocurrency, is on track to record its first quarter drop for the year, as the market closes in September.

Bitcoin's current value is near $26.970, following a decline of about 11% since June.

The drop 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 sector.

The value of Bitcoin has been limited for the last half of Q2, influenced by global economic uncertainties.

The Federal Reserve's decision to keep interest rates stable, hinting at an extended period of elevated rates, which can often deter investments in risk-prone assets.

Investor apprehension has been increased by a hawkish stance, leading to declines in both traditional and digital asset markets, said Hosam Mahmoud, a research analyst at CCData.

The SEC recently postponed its decision on BlackRock ETF proposals by the SEC. The decision came after similar postponements of the Ark 21Shares and GlobalX ETF proposals.

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay informed on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Despite the prevailing challenges, some Bitcoin proponents foresee a potential surge, drawing parallels with the rally earlier this year in response to regional banking crises.

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This content was partially produced with AI tools and was review and published by Benzinga editors.