Bitcoin's price has slipped back to around $62,000 after experiencing nearly a 2% drop in the past 24 hours. The decline is attributed not solely to crypto market factors, but rather a broader risk-off sentiment across global markets.
The pressure on Bitcoin is coming from various sectors, including semiconductor and AI stocks, which have seen significant sell-offs. Samsung's recent profit-taking has also contributed to this downturn, sending Asian markets into a sharp decline overnight. Furthermore, military escalation between the US and Iran led to an approximately 5% increase in oil prices.
US stocks opened lower on Wednesday, following the release of the Federal Reserve's meeting minutes from June. Traders closely watch these minutes for clues about potential rate cuts, with markets currently pricing a roughly 73% chance that the Fed will maintain its current interest rates at the next meeting on July 29.