Bitcoin Plunges Below $19,000 as Inflation Soars - BitcoinEthereumNews.com
छवि द्वारा tradingview.comFresh 40-year high The hotter-than-expected inflation reading will put even more pressure on the U.S. Federal Reserve to hike interest rates. On Monday, the BLS had to issue a statement after a fake CPI report made waves on social media and sent stock futures lower. The bogus leak showed that inflation skyrocketed to 10.2%, which is far above analysts expectations. While the real CPI print is more than a percentage point level, it is still the highest level since November 1981. छवि द्वारा cmegroup.com Failing to perform as an inflation hedge, Bitcoin has tumbled together with other risk assets this year, plunging by almost 72%. Bitcoin, which has been in a low-interest environment throughout its existence, has been pummeled by the Fed‘s monetary policy U-turn, together with other risk assets, which undermined the cryptocurrency’s “inflation hedge” status. Strong jobs data that was published last week signaled that the Fed would be able to pull off a soft landing, thus avoiding a recession despite dramatically rising interest rates. The आम सहमति among investors appears to be that Bitcoin is expected to face another sell-off after plunging as low as $17,600 in June. A narrative problem In March 2020, the Fed slashed interest rates by 100