Business News Asia
Bitcoin has been steadily falling, most recently below $21,000, with the cryptocurrency market reeling from concerns about the Federal Reserve (Fed) raising interest rates
The bitcoin price fell 9.77% this morning to $20,183.90.
The Dow fell more than 800 points after the U.S. reported higher-than-expected inflation that would favor Fed rate hikes.
Investors began to expect the Fed to raise rates by 1.00% at this month’s monetary policy meeting as the U.S. Consumer Price Index (CPI) came in higher than expected.
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 8.3% in August from a year earlier.
On a monthly basis, the CPI rose 0.1% in August.
Meanwhile, the core CPI, excluding food and energy, rose 6.3% in August year on year.
Month over month, the core CPI rose 0.6% in August.
Bitcoin surpassed $69,000 in November 2021. That was a record high before falling below $20,000 in June 2022 amid fears that the Fed’s accelerated rate hikes and balance sheet cuts would strain market liquidity and bring the U.S. economy to the brink of recession.
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Wednesday, September 14, 2022