Bitcoin (BTC) Price Drops Below $59,000 Amid Inflation Concerns, SEC Lawsuit

In mid-afternoon trading in the US, bitcoin (BTC) was down about 4% over the past 24 hours. At $59,000, the price has returned to levels not seen since the US Federal Reserve unexpectedly cut its benchmark interest rate by 50 basis points in mid-September. Altcoins underperformed somewhat, with the CoinDesk 20 crypto benchmark index down just under 3% over the same period. Ether (ETH) fell 3.5%, while only decentralized exchange token Uniswaps (UNI) had a positive return during the day on news of the platform’s own Tier 2 plans.