Bitcoin Drops 2% on Hotter-Than-Expected U.S. Inflation
The CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.
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The CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.
Bitcoin price approaches $49,000 Monday after strong spot bitcoin ETF inflows last week.
Spot bitcoin ETFs attracted Thursday their third-largest net inflows since debut, increasing their holdings by 9,260 BTC.
The broader altcoin market also showed signs of rebounding from oversold levels, one analyst noted.
BTC broke above $44,000 for the first time since Jan. 12, the day after the spot ETF debuts.
Cryptocurrencies slid lower Monday with bbitcoin nearing $42K as soaring U.S. interest rates amid strong economic data, hawkish Powell weighed on prices.
Bitcoin so far remained muted compared to its vehement rally during the March banking crisis, but one analyst said he’s “cautiously long” amid the turmoil.
Bitcoin dipped to $42,300, while crypto majors ETH, ADA, DOT fell 3%-4% with Solana’s SOL tumbling over 6%.
Despite sizable net inflows into the new spot ETFs, bitcoin is lower by more than 12% since the products began trading one week ago.
Bitcoin [BTC] dropped to near $43,000 Friday, a fall of 6% in day-over-day trading, while some bitcoin mining stocks tumbled over 10% extending yesterday’s decline after Thursday’s highly-anticipated spot bitcoin ETF debut.