Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies, as stubbornly high UK inflation fanned fears of higher-for-longer interest rates. Know more:
BITCOIN dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies, as stubbornly high UK inflation fanned fears of higher-for-longer interest rates.
UK consumer-price data on Wednesday showed inflation remained above 10 percent in March, adding to recent signs that central banks will have to keep lifting borrowing costs. That’s giving traders pause after Bitcoin surged about 80 percent this year, a rally driven in large part by speculation that rate cuts were imminent.
“This seems to be a classic liquidation and structural market reaction,” said Vetle Lunde, senior analyst at K33 Research.
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