The crypto market is tanking following a negative day on Wall Street, taking Bitcoin’s price to lows it hasn’t seen in 3 months.
- Hours ago, the primary cryptocurrency was trading in the upper $46k range. Beginning at around 19:40 UTC, its price collapsed down to $45k.
- Prices continued to fall over the next two hours, with prices now below $43k at the time of writing.
- The event hasn’t been kind to bulls. Coinglass data shows $500 million in crypto liquidations having taken place over the last 4 hours alone.
- The price plunge has coincided with a 1.9% fall on the S&P, and a 3% fall on the NASDAQ.
- The market-wide dip may have been spurred by resurging rumors that the Fed could start raising interest rates early this year to combat inflation. US inflation was 6.8% this November – a nearly 40-year high.
- Bitcoin has moved in reaction to inflation statistics before, given its recognition as an inflation hedge. In November, Bitcoin touched an all-time high after October’s inflation numbers were released.
- The leading crypto was stuck in limbo since a liquidation cascade last month down to $50k. It now appears to have broken free of its range, further towards the downside.
Bitcoin 24hr Price. Source: Tradingview
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
You Might Also Like:
Over $700 Million Liquidated in a Day as Bitcoin Price Dipped Below $63K
Bitcoin Price Bounces $2K as US Inflation Numbers Highest in 40 Years
Bought The Dip: Third-Largest Bitcoin Whale Adds $13M Worth of BTC at $62K
Tags: Bitcoin Bitcoin (BTC) Price