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Bitcoin dropped below US$42 000 for the first time since March 23, sliding back further into the range in which it has traded this year on mounting concerns about rising interest rates.
The largest cryptocurrency fell as low as US$41 918 yesterday morning in Asia, retreating for the seventh day in the past eight. Since peaking at just above US$48 000 in late March, Bitcoin — and other tokens — have been dragged lower by concerns about tighter monetary policy. Even the buzz around last week’s Bitcoin 2022 conference in Miami wasn’t enough to reverse the trend.
US inflation likely accelerated to 8,4 percent in March, the fastest pace since early 1982, economists surveyed ahead of data due Tuesday predict. The Federal Reserve may need to hike interest rates above 4 percent, Goldman Sachs Group Inc. Chief Economist Jan Hatzius said Friday. — Bloomberg.
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