The plunge in bitcoin prices as bond yields rise ahead of the US inflation report could cement a deal to more quickly lift the Federal Reserve’s (Fed) stimulus. At one point, the leading cryptocurrency fell 1.5% to $ 47,900 in the last 24 hours, with the price dropping 2.25% over the week. At the time of writing, BTC is changing hands at $ 48,131.
Bitcoin Price Suffers Heavy Losses This Week As Cryptocurrency Market Continues To Crash
The US Consumer Price Index (CPI) report, due out at 1:30 pm UTC, shows that the cost of living in the world’s largest economy rose 6.8% annually in November, up from 6.2% in November. October.
Like last month, when Bitcoin price bounced at ATH after the October CPI, only to quickly sweep away the rally shortly thereafter, the same thing happened today. The best cryptocurrency rose nearly $ 50,000 and fell below $ 47,500 shortly thereafter.
The market volatility that is keeping Bitcoin on track for its fourth weekly fall in a row and a forecast of $ 100,000 by the end of the year – or even a return to the previous month’s all-time high of around $ 69,000 – is now in full swing. … As Bitcoin has been falling for four straight weeks, crypto market analysts are starting to reduce the likelihood of a strong rally towards the end of the year, just like in 2020.
Ethereum also fell 11.4% in seven days and is trading at just over $ 4,000. The altcoin market has also been hit hard. Solana, a competitor to Ethereum and the fifth largest cryptocurrency, traded for $ 168, down 17% in value in one week.
All cryptocurrencies on the market on this day are in the red. The total crypto market capitalization is currently $ 2209 trillion, and the dominance of bitcoin is 41.1%.