The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid escalating market fears about inflation and monetary tightening, Bitcoin tumbled below $60,000. According to media reports, Bitcoin fell to $59,356, a decline of nearly 3% in 24 hours, triggered by a hotter-than-expected US inflation report and the expiry of a large options bet on the largest cryptocurrency.
The drop coincided with Canadian inflation data that showed an annual rate of 3.2% versus the 3% forecast, per market data, while the US Services PMI beat expectations at 51.3 points. These readings reinforced concerns that the Fed will keep raising interest rates, reducing the appeal of risk assets like cryptocurrencies.
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Sign InBitcoin is currently trading around the $59,000 level, and investors are focused on upcoming economic data and Fed officials' remarks for the next direction. Any signal of further tightening could push the coin to test the $56,000 support level.