Bitcoin Price Plummets After Rate Cut Expectations Fade

Bitcoin’s price plunged recently, dropping as low as $112,580 within the last 24 hours, wiping out gains from the first half of August. This unexpected downturn followed a record-breaking high of above $124,500 just days earlier. Analysts say this sharp decline was driven by several factors, including fading hopes for rate cuts and the persistent impact of inflation on market sentiment. 2024’s job data has been questioned, causing concern despite its recent release showing a 4.7% unemployment rate, the highest in four years. Bitcoin is typically less sensitive to such economic indicators but still experienced a typical sell-off following an all-time high.