Bitcoin (BTC) is down 0.93% in the last 24 hours. OPEC+ announced that it will cut production by more than 1 million barrels per day due to the increase in oil prices. A cut in oil production can make the Joe Biden administration more vulnerable to inflationary pressure. The threat of inflation in the U.S. has raised concerns about the Fed raising rates further. The announcement of production cuts by OPEC+ and rumors on social media that the CEO of a global crypto asset platform received a Red Notice by Interpol may have been instrumental in Bitcoin's decline.
