As of 8 a.m. on June 18, Bitcoin was trading at $62,819, down 2.5% from the previous day, according to CoinMarketCap, a global cryptocurrency market tracking site.
The decline in price is attributed to the Fed's tightening monetary policy. During its first Federal Open Market Committee (FOMC) meeting under new Chair Kevin Warsh, the Fed decided to keep the benchmark interest rate unchanged at 3.50% to 3.75%.
However, the Fed indicated potential future rate increases. The dot plot released by the Fed showed that the median forecast for the benchmark interest rate at the end of the year has risen to 3.8%, up from 3.4% in March.
In an official statement, the Fed noted, "Inflation remains elevated compared to the committee's target of 2%" and expressed its goal of achieving price stability this year.
The downturn in Bitcoin has also affected other cryptocurrencies. Ethereum was trading at $1,704, down 2.36% from the previous day. XRP fell 3.64% to $1.14, while Solana dropped 3.65% to $69.
Meanwhile, at the same time, Bitcoin was trading at approximately 94.82 million won ($61,639) on the domestic exchange Bithumb, reflecting a 1.56% decrease from the previous day. The so-called 'Kimchi Premium' showed a negative value of -1.59%, indicating that domestic prices were lower than international prices.
* This article has been translated by AI.
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