18/06/2024

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Cryptocurrency

BlackRock's report comes after $300 billion loss in bitcoin and crypto

The prices of bitcoin and other cryptos have been going down since the beginning of June.

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Due to which $300 billion has been wiped out from the combined crypto market.

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The price of cryptocurrency bitcoin has fallen from $70,000 per bitcoin earlier this month (June).

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The reason for this is being attributed to the serious warning by Treasury Secretary Janet Yellen about the Federal Reserve's interest rate.

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Analysts at BlackRock, the world's largest asset manager, have issued a warning that has increased investor concern.

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According to the warning, an "unprecedented" scenario is emerging that could affect the price of bitcoin and the crypto market.

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"We see central banks continuing to try to keep interest rates higher than pre-pandemic to deal with inflationary pressures," their analysts wrote in a report.

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BlackRock has helped drive the bitcoin price boom this year by leading the ETF revolution on Wall Street.

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To put the report simply, “the new macroeconomic order is characterised by high inflation, high rates and low growth driven by supply constraints.

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