Bitcoin Plummets to 15-Month Low Amidst Global Political and Economic Shifts
Bitcoin's price has fallen to its lowest level since October 2024, trading at approximately $66,000 (£48,700), a 24% decrease since the beginning of the year, according to BBC Business. This drop occurred despite U.S. President Donald Trump's previous support for cryptocurrency and promises to ease legislation on the industry.
The decline in Bitcoin's value coincides with a complex global landscape marked by economic uncertainty and shifts in international relations. The Bank of England, for example, held UK interest rates steady at 3.75% after a close vote, with Governor Andrew Bailey indicating that "some further reduction" in rates was likely later in the year, as reported by BBC Business. The Bank also lowered its economic growth forecast and raised its unemployment forecast.
Meanwhile, a new report from Human Rights Watch (HRW), cited by The Guardian, characterized the current global environment as a "democratic recession," with growing authoritarianism and human rights abuses in countries like the U.S., Russia, and China threatening the global rules-based order. The report noted that almost three-quarters of the world's population now live under autocratic rulers, levels not seen since the 1980s.
In other international developments, Cuban President Miguel Díaz-Canel expressed a willingness to engage in talks with the U.S. "without pressure," following months of threats from President Trump, according to The Guardian. This comes amid a deepening economic crisis on the island.
President Trump also appeared to soften his stance on the UK's decision to cede sovereignty of the Chagos Islands to Mauritius, Al Jazeera reported. This shift followed a conversation with British Prime Minister Keir Starmer. Trump had previously described the UK's decision regarding the Indian Ocean archipelago, which includes a joint US-UK military base on Diego Garcia, as an act of "great stupidity."
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