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1. Federal Reserve’s Interest Rate Decisions: The Federal Open Market Committee (FOMC) held interest rates steady, which disappointed investors hoping for rate cuts. Lower interest rates typically encourage investment in speculative assets like cryptocurrencies1.
2. Weak Demand Growth: Bitcoin’s demand growth has been weak, and it even turned negative in recent weeks. This decline in demand has prevented major price breakouts2.
3. Market Sentiment and External Factors: Reports of SpaceX potentially selling its Bitcoin holdings and concerns over interest rate hikes have also contributed to the negative sentiment in the market3.
These factors combined have led
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