Bitcoin, cryptocurrencies return to red with soaring UK inflation

Bitcoin, cryptocurrencies return to red with soaring UK inflation

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Bitcoin, cryptocurrencies return to red with soaring UK inflation

forkast.news

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Bitcoin dropped below US$20,000 for the third time in a week on Thursday morning in Asia as news of record inflation in the U.K. and warnings of a recession hit crypto markets.

Fast facts

Bitcoin was trading down 3.5% in the past 24 hours but slightly rebounded to US$20,045 at press time, according to CoinMarketCap.
Ethereum was down 6.52% to change hands at US$1,051 at press time, while all non-stablecoin tokens in the crypto top 10 were down.
Recent data out of the U.K. shows inflation is running at a 40-year high of 9.1%, and is expected to hit 11% in October in the U.K.
As central banks begin to raise interest rates to combat rising inflation, the probability of a global recession has risen to 50%, according to Citigroup Inc.
The crypto market cap is down more than 70% from its all-time high in November, as rising inflation rates and growing fears of recession have led to investors taking money out of risk assets.
Bitcoin’s down trend is not pulling down the entire cryptocurrency market as it had been in recent days, with Polygon’s MATIC surging 14% and Uniswap’s UNI rising by 9%. 

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