Why is Bitcoin below $17,000?

 Why is Bitcoin below $17,000?

During today's trading, Friday, most of the digital currencies fell clearly, led by Bitcoin, which is the most popular digital currency in terms of market value, in light of the strengthening of fears in the markets of the US Federal Reserve's continued tightening of monetary policy, to settle Bitcoin below the $17,000 level.

Bitcoin decreased by 2.88% and recorded about $16,969.97, with a daily trading volume of $22,302,343,299, bringing its capital value to about $326,425,965,481, and Bitcoin ranks first in the ranking of the most popular digital currencies in terms of market capitalization.

Bitcoin was damaged in light of the strengthening of fears in the markets about the continuation of raising US interest rates and tightening monetary policy to curb inflation, especially after US Federal Reserve member John Williams said on Friday that the bank is committed to returning inflation to a rate of 2%; Which means that if the US Federal Reserve approves further rate hikes, the peak level could be higher than the rate expected at the FOMC meeting earlier in the week.

At the same time, Bitcoin fell in conjunction with the announcement by the French accounting firm Mazars that it had decided to suspend work for cryptocurrency clients, including Binance clients, despite the fact that this company was issuing reports of proof of reserves, which cryptocurrency exchanges need to prove their financial strength.

Also, Bitcoin fell strongly in light of the continued strong criticism of it by major investors, and in this context, the co-founder and head of market strategy at Path Trading Partners, Bob Iachino, stated that it is not recommended to invest in Bitcoin in the short term.