The Fed intimidates gold and bitcoin again
Gold falls to seven-week lows and bitcoin turns lower. The day takes on a negative bias for the precious metal and for the cryptocurrency, with the Federal Reserve as a common denominator of pressure.
The Federal Reserve continues to pressure gold and Bitcoin, as the precious metal falls to a seven-week low and the cryptocurrency dips by 2%. The negative sentiment is attributed to the Fed's tightening monetary policy, with rising oil prices, increased inflation expectations, and a stronger dollar all contributing to the decline. With the Federal Reserve signaling multiple interest rate hikes over the next year, gold and Bitcoin are both facing headwinds.
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