Bitcoin Stuck Below $10K as Stocks Drop

Bitcoin Stuck Below $10K as Stocks Drop

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Bitcoin remains stuck below $10,000 amid jitters in traditional markets over the pace of economic recovery.

As of 11:45 UTC, the leading cryptocurrency is changing hands at around $9,780, according to CoinDesk’s . 

While bitcoin’s price is down 1% on the day, the major equity market indices in Europe are reporting a drop of over 2% drop. The futures tied to the Dow Jones Industrial Average, Wall Street’s equity index, are down over 600 points and reporting a 1.8% decline on the day. Asian equities also suffered losses early Wednesday, according to data source .

The Federal Reserve’s dour economic outlook seems to , forcing them to shun risk and take shelter in traditional safe havens like the Japanese yen, which has high against the dollar. 

The Fed, which held interest rates near zero on Wednesday, said borrowing costs would remain low until 2022. “We are strongly committed to using our tools to do whatever we can for as long as it takes,” , adding that the job market may not recover for years.

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