Bitcoin Slips Back below $23,500 After reaching its highest point since June, Bitcoin (BTC-USD) reversed lower yet again to weekly lows as the Federal Reserve released excerpts from its July meeting suggesting that interest rate hikes may spark a recession in the United States. With the Federal Open Market Committee’s July 26-27 meeting minutes revealing policymakers' concern about hiking interest rates too aggressively, the value of BTC, which was already range bound, slid by nearly 4% to the $23,500 mark. Adding to the pressure on Bitcoin, the latest data from CoinShares underlined that institutional outflows are on the rise.
