On Wednesday, the Federal Reserve announced that they are projecting only one rate cut for this year, which is less than what was previously expected. This news disappointed investors who were hoping for looser monetary policy in the upcoming months. Additionally, political uncertainty in Europe, with a snap election called in France, caused the U.S. dollar index (DXY) to rise against other major currencies, reaching its highest level in over a month. This increase in the dollar’s strength put pressure on bitcoin’s value.
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