Mumbai: Major crypto Bitcoin came under pressure on the first day of the week and the price fell below $91,000 as the Federal Reserve in the US started talking about increasing interest rates instead of reducing them. Other cryptos were also bearish behind Bitcoin.
Investment banks are pulling back on expectations of an interest rate cut by the Federal Reserve following strong non-farm payrolls data in the US late last week.
Bank of America has expressed the possibility of cutting interest rates. Bank of America said in a statement, we believe that the cycle of interest rate cuts has stopped and the Federal Reserve will keep interest rates unchanged for a long time and may even see an increase.
However, Goldman Sachs has predicted that the rate cut first seen in March will now be extended to June.
Bitcoin fell below $91,000 to $90,585 late in the evening. Behind Bitcoin, other cryptocurrencies like Ethereum, Binance, XRP, Solana came under pressure.
The total market cap of cryptocurrencies fell to $3.14 trillion.
