Bitcoin's price plummeted to its lowest level in 15 months, despite former President Donald Trump's public support for cryptocurrencies, while the Bank of England held UK interest rates steady but hinted at future cuts, according to reports from BBC Business. Simultaneously, Trump launched a new website, TrumpRx, aimed at lowering prescription drug costs in the US, as reported by Al Jazeera.
Bitcoin's value dipped to $66,000 (£48,700), the lowest since October 2024, representing a 24% decrease since the beginning of the year, according to BBC Business. This occurred despite Trump's vocal support for the cryptocurrency sector and promises to ease industry legislation. The drop followed a period of rising prices, which had seen Bitcoin reach an all-time high of $122,200 in October.
The Bank of England, as reported by BBC Business, maintained UK interest rates at 3.75% after a divided vote, with the decision-making committee split five to four. Governor Andrew Bailey told the BBC that further rate reductions were likely later in the year. The Bank also revised its economic growth predictions downward and increased its unemployment forecast, making further rate cuts more probable. However, the Bank suggested that rates were unlikely to return to the lows seen at the start of the pandemic.
In other financial news, the Bank of England hinted at potential rate cuts, but cautioned against expecting a return to the low mortgage rates of the Covid-19 era, as reported by BBC Business. The Bank's primary objective is to bring inflation down to its 2% target.
Meanwhile, former President Trump unveiled TrumpRx, a website designed to offer discounted prescription drugs directly from pharmaceutical companies, as reported by Al Jazeera. The announcement was made at the White House.
In related political developments, Democrats are demanding reforms to the Department of Homeland Security's immigration enforcement practices, potentially jeopardizing its funding, according to Al Jazeera. Republican leaders have rejected the Democratic proposals.
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