Bitcoin falls to its lowest level in two months after the US Federal Reserve's decision

 Most cryptocurrencies have experienced a decline in prices over the past week, according to the platform "Coinmarketcap".

According to the digital currency trading platform "Coinmarketcap", the price of bitcoin has fallen by 7.18% over the past 7 days to record 56.5 thousand dollars today, recording its lowest price in two months, while Ethereum currency fell by 11.5% over the week to record 3 thousand dollars.

The decline of bitcoin and other cryptocurrencies

The BNB currency also fell by 10.9% during last week's trading to a record 507 dollars, and the Dogecoin currency fell by 12.6% to 0.108 dollars.

The decline in bitcoin and several cryptocurrencies came after the US Federal Reserve released the minutes of its June meeting, which indicate that the central bank is not yet ready to cut interest rates, according to the website "CNBC".

The minutes of the US Federal Reserve meeting in June showed that officials were only willing to cut interest rates additional data show that inflation is moving sustainably towards the central bank's 2% target.

How was Bitcoin before that

According to" CNBC", high interest rates are usually less favorable for Bitcoin and other cryptocurrencies because they dampen investors ' risk appetite.

Bitcoin rose to an all-time high above 73.7 dollars in March this year after the Securities and Exchange Commission approved the first bitcoin exchange-traded fund in the United States.

ETFs allow investors to purchase a product that tracks the price of bitcoin without owning the underlying cryptocurrency.

Proponents of cryptocurrencies say this helped legitimize the asset class and made it easier for larger institutional investors to participate.

However, since then, bitcoin has been trading from approximately 59 thousand dollars to 72 thousand dollars.