The previous rise in BTC was fueled by increasing concerns about rising inflation and Bitcoin’s reputation as a store of value or “digital gold.” Limited supply and above-average yields have made BTC attractive to investors.
In addition, more and more people now see other popular cryptocurrencies as a hedge against inflation.
But after the unveiling of the highest U.S. CPI figure in 30 years, Bitcoin fell from its highs. BTC investors decided to move their investments from the exchanges to their wallets. This underscores that investors are becoming aware of the situation and want to secure their investments.
Bitcoin fell 4% to $64,285.85, previously hitting a record high of $68,990.
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Thursday, November 11, 2021