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Bitcoin drops below $30,000, as hot inflation report causes investors to shun risky assets

Bitcoin Coin is on the screen displaying Bitcoin (US dollar exchange rate).

Fernando Gutierrez-Jureres | Image Alliance | Getty Images

Bitcoin prices fell below $ 30,000 for the second time this Wednesday after new data showed that inflation was still running near the 40-year high.

Bitcoin According to Coin Metrics, it was almost unchanged at $ 31,293.05, but fell to $ 29,026.66, the lowest since December 2020, earlier in the day. ether Initially reduced by 8% before reducing losses. It was the last to drop less than 1% at $ 2,331.69.

Cryptocurrencies fell with stock futures after the Bureau of Labor Statistics reported consumer prices in April Jumped 8.3%, slightly higher than expected By an economist polled by Dow Jones.

It surprised investors and led them to end their risk assets, including crypto. Cryptocurrencies are highly correlated with the S & P 500 and, more recently, the Nasdaq Composite Index.

This is the second time Bitcoin has been in the $ 29,000 range this week. Analysts called the key level of the largest cryptocurrency by market capitalization at $ 30,000 and said it could fall further if it couldn’t be maintained.

This time last week Bitcoin Touched the recent high of $ 40,000 However, it quickly turned around the next day and has been steadily hitting new lows ever since.


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