Bitcoin value down 3% to Ksh.4.4 million

Bitcoin value slumped by three percent Monday to Ksh.4.4 million, having moved below the key Ksh.4.6 million level late on Friday

This is linked to the U.S. Federal Reserve’s intended move to aggressively tighten monetary policy which will continue to rock the digital asset space.

According to Financial Times, if inflation does not abate sufficiently, there is scope to tighten monetary policy at a faster pace than they currently anticipate.

That could mean either raising rates more quickly or shrinking the size of the Fed’s balance sheet, which swelled to almost $9 trillion during the pandemic as it hoovered up bonds to prop up the economy.

The latest inflation report showed US consumer prices surging at an annual pace of 7.5 percent, the fastest increase in four decades.

Bitcoin first rose to Ksh.5,428,966.00 on March 31, reaching its highest level since December last year compared to when it last slumped to its lowest in January to Ksh.Ksh.4,343,177.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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