Bitcoin Bows to Inflation Pressure in the US, Plunges Below $29k
Down 2.3%, Bitcoin is trading at $28,230 on Thursday and starting at a possible drop below $25,000 before the next major rebound occurs. advertisement Bitcoin Could Breakout of Sideways Trading Bitcoin and the crypto market have once again been spooked by inflation in the United States after the Federal Reserve released minutes of the meeting in July used to deliberate how the monetary policy would play out in the coming months. In the minutes, the Federal Open Markets Committee (FOMC) opined that without interest rate hikes, inflation was likely to stay elevated. After pausing the rate hikes in June, the bank resumed with a 25-basis point hike in July – a factor that does not sit well with investors in risk assets like BTC. “With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of mo...