The price of Bitcoin (BTC) has fallen below $25,000 U.S. as the market for cryptocurrencies continues to weaken.
Bitcoin, the biggest cryptocurrency by market capitalization, is currently trading at $24,890 U.S., its lowest level since March of this year.
In April, Bitcoin was trading above $30,000 U.S. following a blistering rally to start the year.
The latest decline in cryptocurrency prices comes after the U.S. Federal Reserve (Fed) signaled that it is likely to raise interest rates two more times this year.
Other cryptocurrencies and altcoins sank into negative territory following the Fed’s latest outlook on interest rates.
The decline in cryptocurrency prices also comes as the U.S. Securities and Exchange Commission (SEC) launches lawsuits against multiple cryptocurrency exchanges and lenders.
Ethereum (ETH), the second biggest digital token, is trading at $1,635, down 5% over the past 24 hours, also a three-month low.
Stocks too sold off after the Fed indicated it plans to continue raising interest rates after taking a pause in June, with the Dow Jones Industrial Average declining 0.7% on the news.
