Translated by Sama Marwan,
The cryptocurrency Bitcoin has reduced its losses, dropping by 0.5%, recording levels close to $64,400.
The reduction in losses came after the decision of the US Federal Reserve to maintain and increase interest rates for expectations regarding US economic growth for the current year.
The Fed also kept its expectations for interest rate cuts this year at 3 times.
The price of the leading cryptocurrency last dropped by 2% to $63,334.62, according to Coin Metrics.
It dropped to its lowest level at $60,793.60 in overnight trading.
Bitcoin fell yesterday to $62,000 after large sell-offs following its all-time high last week.
Bitcoin traded just above $62,900, down about 2.5% from the previous 24 hours, according to CoinDesk data, and the Bitcoin currency achieved excellent performance, rising by 124% in the past year.
The largest cryptocurrency in the world reached a record level just below $73,800 last week, supported by the launch of Bitcoin exchange-traded funds in the United States in January.
The entire cryptocurrency market has lost about $400 billion in value since Bitcoin reached its all-time high, as has happened with other digital assets like Ethereum, and part of the decline is likely profit-taking after the sharp rise in cryptocurrencies.
Data from CryptoQuant shows a massive increase in short-term stock holders selling their Bitcoin for profit on March 12.
Some momentum has appeared from Bitcoin exchange-traded funds, which recorded a total of $154.4 million in net outflows on Monday, according to BitMEX research. This was the first time exchange-traded investment funds recorded net outflows since March 1st.”
