Bitcoin 
$73,537‘s price is persistently moving towards a new daily low, indicating another tough day for cryptocurrencies. The fluctuations in the macroeconomy have caused BTC to rapidly fall from the $103,000 mark. Indeed, statements made by Yellen during the preparation of this article further support this weakness.
Treasury Secretary’s Stance on Cryptocurrencies
Yellen, known for her negative comments regarding cryptocurrencies under the Biden administration, has made new statements. Although she will not remain in her position after the January 20 transition, her current evaluations of the economy are concerning.
We can discern that she has not provided optimistic insights regarding the BTC price.
“Over the past few months, we haven’t seen much progress on inflation. The labor market has cooled but remains in good shape. Recent data suggests that the path of interest rates may take longer than expected. The term premium on long-term rates has started to normalize. Fiscal policy needs to be put on a sustainable path. I hope the new administration takes the budget deficit seriously. The US and China need to collaborate in some areas. On Monday, I expressed my concerns about China’s macroeconomic policies to my Chinese counterpart.”
BTC’s price has started moving towards a new daily low amidst comments suggesting interest rates will remain high for longer. This situation also brings new lows for altcoins. The upcoming Fed minutes, expected in about two hours, will deliver the day’s final shockwave. If Friday’s data comes out poorly, cryptocurrencies may face another downturn.
