Bitcoin Slides, Shiba Launches Layer-2

BTC has broken sharply to the downside, exiting its tightly restricted multi-week range. The leading cryptocurrency has dropped as low as $27,700 as of writing, marking consistently lower near-term troughs. The slide began earlier in the week and mirrored the risk-averse sentiment in Equities. Stocks and bonds show little change today, while the total cryptocurrency market has slipped by around 3.3%. The decline coincides with a sharp rise in US Treasury yields, a strong US dollar, and roughly $200 million worth of assets being liquidated within 24 hours after Bitcoin dropped below $29,000. Furthermore, investors are analyzing the minutes from the July FOMC meeting released yesterday. These minutes revealed that most officials remain concerned about significant upward risks to inflation, indicating that further adjustments to monetary policy might be necessary. Currently, investors believe there’s only a 13% chance of the Federal Reserve implementing an interest rate hike in its upcoming September meeting.