Bitcoin's value decreased rapidly from over $63,000 to $62,300 recently. Such drops have become common, impacting investors' risk tolerance. The drop may be attributed to statements made by Fed members.

Toward the end of last year, expectations for Fed interest rate cuts by 2024 were revised downwards due to inflation data from the first quarter of this year. The expectation for rate cuts has fallen to 50bp, contrary to the Fed's expectations.

Fed's Logan highlighted disappointing inflation data recently, hinting at possible interest rate hikes in the future. Fed's Kashkari emphasized the importance of artificial intelligence for efficiency, while Fed member Bowman suggested maintaining steady monetary policy.

Following these statements, both BTC and ETH prices experienced declines, with ETH dropping below $3,000.

For more information, you can refer to the original article on COINTURK NEWS: "Why Are Cryptocurrencies Declining?"