Bitcoin prices fell below $40,000 for the first time in nearly a month as investors worried about a rise in U.S. Treasury yields. The U.S. Federal Reserve (Fed) is also leaning toward accelerating rate hikes.
As of 9:20 AM ET, Bitcoin’s price fell $140, or 6.25%, to $39,498.35.
Bitcoin prices fell after U.S. Treasury yields hit a three-year high of 2.78% last night. This includes the forecast that the Fed could raise interest rates by 0.50% at its meetings in May and June.
Riyad Carey, analyst at Kaiko, said Bitcoin prices and risk-weighted markets have been weighed down by expectations that the Federal Reserve will accelerate interest rates to curb inflation.
The investor focus is on US inflation this week. The U.S. Department of Labor will release today’s Consumer Price Index (CPI). The Producer Price Index (PPI), will be released on Wednesday. Analysts expect both CPI and PPI to continue to rise.
In February, the U.S. CPI was up 7.9% year over year, the highest level since January 1982.
The PPI rose 10% in February from a year earlier.
Analysts expect the consumer price index to rise by 8.5% year-on-year in March, which would be the highest level since 1981. For the PPI, the analysts expect an increase of 10.6%.
The Spot Market is Open
Tuesday, April 12, 2022
| Crypto Updated at | USD Price | Change | %Change |
| 14.50 BTC | 40,167.53 | -573.94 | -1.41 |
| 14.50 ETH | 3,019.92 | -2.37 | -0.08 |
| 14.50 LTC | 104.44 | -0.10 | -0.10 |
| 14.50 BNB | 407.04 | +6.23 | +1.56 |
| 14.50 XRP | 0.70 | 0.00 | -0.54 |
| 14.50 ADA | 0.95 | +0.01 | +0.73 |
| 14.50 DOT | 17.73 | -0.04 | -0.23 |
| 14.50 DOGE | 0.14 | 0.00 | -0.86 |
| 14.50 UNI | 9.28 | +0.06 | +0.65 |
| 14.50 LINK | 14.04 | -0.06 | -0.43 |