Crypto Market Dips Amid Rate Hike Fears, Yearn Hack

Bitcoin plummets as crypto market takes a hit, with Bitcoin trading around $86,800, down 5% in 24 hours. The dip follows a low of $85,732 earlier in the Asian trading session. The broader crypto market also saw significant drops of over 6% each, indicating a widespread move away from risk. The downturn is attributed to fresh concerns about potential interest rate hikes from the Bank of Japan and weaker economic data from China. Experts question global liquidity improvement, adding to market caution. A nine-million-dollar hack on Yearns decentralized finance platform further dampens investor confidence. Over the past year, more than nine billion dollars have been lost to scams, hacks, and exploits, with only $154 million recovered. The markets next move hinges on Federal Reserve Chair Jerome Powells upcoming speech, with investors hoping for dovish signals to support Bitcoin.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.