Bitcoin Price Hits One-Week Low Ahead of Inflation

Bitcoin Price Hits One-Week Low Ahead of Inflation and Interest Rate Data

Bitcoin Price Hits One-Week Low Ahead of Inflation and Interest Rate Data: The largest cryptocurrency dropped 2.5% to its lowest level in a week,
trading below $68,000 as of 12:42 PM Singapore time.
Smaller cryptocurrencies such as Ethereum and Dogecoin also declined.

Content

Details

 

 

Details

Bitcoin reached a record high of $73,798 in March, driven by investment inflows into U.S.-traded exchange-traded funds,
but has struggled to achieve new highs since then.
The inflation data and Federal Reserve expectations are scheduled for release on Wednesday
and may confirm fears that interest rates will remain high for longer,
creating an unfavorable environment for speculation on assets like cryptocurrencies.

Anand Gomes, co-founder of the derivatives platform “Paradigm,”
stated that “a lack of news is considered bad in cryptocurrency,
as the market constantly needs positive news to stay buoyant.
So, when there is no news, the market tends to decline.”

 

Bitcoin Price Hits One-Week Low Ahead of Inflation and Interest Rate Data