Bitcoin prices fell on Thursday, extending recent declines despite a rally on Wall Street triggered by the Federal Reserve's indication of a potential interest rate cut in September. Bitcoin dropped 2.9% in the past 24 hours to $64,256.2, reaching a low of $63,599.5 earlier in the day.
Market sentiment was impacted by concerns over a large-scale Bitcoin sale by the U.S. government, estimated at around $2 billion. Additionally, support from positive crypto signals from Republican presidential nominee Donald Trump faded as Democratic frontrunner Kamala Harris gained ground in key battleground states.
The Fed's decision to keep interest rates steady and Chairman Jerome Powell’s comments about a potential rate cut in September spurred a rally in equities. However, global market reactions were mixed, with Japanese markets falling after the Bank of Japan raised interest rates and increased geopolitical tensions in the Middle East affecting risk appetite.
In the broader crypto market, Bitcoin's decline dragged down other cryptocurrencies. XRP fell 5.7%, Ether dropped 3.7% to $3,179.26, and altcoins like SOL and ADA also experienced losses.
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