Seeking Alpha
2022-04-12 15:29:29

Bitcoin slips towards $40K as inflation fears loom

Bitcoin (BTC-USD) slid to as low as under $39.85K Tuesday morning as investors weigh March's stronger than expected consumer price inflation print, which added more fuel to expectations that the Federal Reserve will be even more aggressive with its interest rate hike path. The largest digital coin by market cap, bitcoin (BTC-USD -0.7%), has since gained a bit to $40.23K in midday trading. For some technical context, BTC is falling towards ascending support of a so-called "bearish flag" pattern, which is sitting at ~$36.7K, Bloomberg reported, adding that if it breaks below the lower end of that flag, the next level of support is $26K. On the other hand, ethereum (ETH-USD +1.6%) is rising to $3.05K in the past 24 hours after it launched its first mainnet shadow fork on Monday. While cryptocurrencies are trading broadly lower, investors' risk appetite for U.S. stocks appear to be widening, with all three major equity

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.