{"id":49789,"date":"2023-08-17T18:45:58","date_gmt":"2023-08-17T22:45:58","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-tumble-below-29000-on-interest-rate-worries-how-far-can-it-fall\/"},"modified":"2023-08-17T18:46:00","modified_gmt":"2023-08-17T22:46:00","slug":"bitcoin-prices-tumble-below-29000-on-interest-rate-worries-how-far-can-it-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49789","title":{"rendered":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall?"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000722167\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n      and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid expectations that interest rates will remain higher for longer than once thought.<\/p>\n<p>The price of Bitcoin has dropped 2% over the past 24 hours to $28,500. It\u2019s volatile action characteristic of the largest crypto that largely has been absent in recent months as Bitcoin has languished between $29,000 and $30,000 in a lull of historically low volatility.<\/p>\n<div class=\"paywall\">\n<p>\u201cBitcoin investors have been searching for a trigger to extricate it from its low-volatile sideways snooze fest; now comes the true test of resilience\u2014and nerves\u2014as Bitcoin falls to the bottom of its almost two month trading range,\u201d said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo.<\/p>\n<p>Like the stock market, where the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<br \/>\n      \u00a0have seen two days of significant declines, Bitcoin is moving on the back of economic data and the latest meeting minutes from the Federal Reserve\u2019s monetary policy committee.\u00a0<\/p>\n<p>U.S. economic data releases this week\u2014from retail sales, industrial production, and other metrics\u2014have reinforced the narrative of a strong economy, with forecasts for third-quarter gross domestic product growth also being upgraded. In addition, minutes released Wednesday from the Fed\u2019s policy decision in June confirmed a continued commitment to bringing inflation down with higher rates.<\/p>\n<p>A strong economy gives the Fed little incentive to lower interest rates from generational highs, and investors are also increasingly anticipating more rate hikes from current levels. Rates cranking higher since March 2022 have been a key force on risk-sensitive assets like stocks and Bitcoin, so the latest news is bad for cryptos.<\/p>\n<p>How far could Bitcoin fall now that it has been jolted back into action?<\/p>\n<p>\u201cThe fall below $28,800 confirmed the local dominance of the bears. The following key support points are now at the next round level of $28,000 and then at the $27,200 area, where the 200-day moving average and uptrend support from last November are centered,\u201d said Alex Kuptsikevich, an analyst at broker FxPro.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014dropped 2% to $1,790. Smaller tokens, or altcoins, also fell, with both<br \/>\n        Cardano<br \/>\n      and<br \/>\n        Polygon<br \/>\n      slipping some 1%. Memecoins were weaker, with<br \/>\n        Dogecoin<br \/>\n      down 3% and<br \/>\n        Shiba Inu<br \/>\n       shedding 8%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-markets-today-3e48473b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid expectations that interest rates will remain higher for longer than once thought. The price of Bitcoin has dropped 2% over the past 24 hours to $28,500. It\u2019s volatile action characteristic of the largest crypto [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-49789","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=49789\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=49789\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-17T22:45:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-17T22:46:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682604487_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=49789#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=49789\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall?\",\"datePublished\":\"2023-08-17T22:45:58+00:00\",\"dateModified\":\"2023-08-17T22:46:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=49789\"},\"wordCount\":398,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=49789#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=49789\",\"url\":\"https:\/\/ifintechworld.com\/?p=49789\",\"name\":\"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-17T22:45:58+00:00\",\"dateModified\":\"2023-08-17T22:46:00+00:00\",\"description\":\"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=49789#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=49789\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=49789#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld","description":"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=49789","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld","og_description":"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid","og_url":"https:\/\/ifintechworld.com\/?p=49789","og_site_name":"iFintechWorld","article_published_time":"2023-08-17T22:45:58+00:00","article_modified_time":"2023-08-17T22:46:00+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682604487_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=49789#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=49789"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall?","datePublished":"2023-08-17T22:45:58+00:00","dateModified":"2023-08-17T22:46:00+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=49789"},"wordCount":398,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=49789#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=49789","url":"https:\/\/ifintechworld.com\/?p=49789","name":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall? | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-17T22:45:58+00:00","dateModified":"2023-08-17T22:46:00+00:00","description":"Bitcoin and other cryptocurrencies were falling Thursday, finally making significant moves after weeks of inaction as traders sold digital assets amid","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=49789#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=49789"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=49789#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Prices Tumble Below $29,000 on Interest Rate Worries. How Far Can It Fall?"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/49789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49789"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/49789\/revisions"}],"predecessor-version":[{"id":49790,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/49789\/revisions\/49790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/742"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}