BTC Slipped Below $21,000 With The Rising Inflation Rates

BTC slipped below $21,000 amid the rising inflation rates as investors anticipated a higher rate hike so let’s take a closer look at today’s latest Bitcoin news.

The price of BTC slipped below $21,000 in the early hours of Tuesday morning with a 52-week low for the world’s biggest crypto by market cap. BTC dropped to a low of $20,950 as per the data from Coingecko before recovering to a current price of $22,620 which is down by 6%. with a current market cap of $430 billion, BTC is down over 66% from its ATH of $68,789 in 2021. BTC Leads liquidation in the marekt with $531 million liquidated in the past 24 hours.

The BTC fear and greed index hit 8 out of 100 which is the lowest level since May 2022 suggesting extreme anxiety for the market earlier today, ETH is the second biggest crypto which dropped to $1094 recording a 52-week low. ETH is now trading at $1220 or it Is up by 1.3% on the day. The main reason for today’s bearish price action is the growing global inflation rates and the rate hike by the US FED. The US inflation rate hit a 40-year high of 8.6% but the US is not alone. The rising prices are a global phenomenon with all major economies facing inflation.
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The inflation rate of the EU countries including Germany is at 7.9%, France at 5.25%, UK at 9%. Turkey is the worst-hit G20 nation with the inflation rates soaring past 73% according to the data from the Trading Economics. The increasing infaltion rate is fueled by the rising fuel costs and the changing supply chain dynamics resulting from Russia’s invasion of Ukraine. In order to contrl inflation, the FED is expected to implement a 0.75% percentage point rate hike which will increase bond yield. The fed will conduct a meeting to discuss the issue today with the announcement expected to follow tomorrow if the rate hike goes thorugh.

Out of the top 10 coins, Cardano, SOL, and DOGE showed gains in the past day and both are up by 14% while DOGE is trading higher by 5.6%.

As recently reported, Bitcoin lost the $25,000 level while ETH slid to $1200. The crypto-tracked futures lost over $1 billion in the past day and were weighed down by a weak sentiment for BTC and other coins amid the weak global economic outlook. The liqudations refer to when the exchange forcefully closes a trader’s leveraged position because of a partial or total loss of the trader’s initial margin and it happens when a trader is unable to meet the margin requirements of the leveraged positions.