Bitcoin (BTC) price dropped almost 10% on the back of stronger US inflation figures on Tuesday. This came to be when the whole market was positioned for a weaker number.
In light of the release, markets had to reassess the new situation, which meant that any positive scenario for a return to normal conditions in 2023 got thrown in the bin.
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The high inflation still taking a massive bite out of the monthly household budget. This means and that there is less disposable cash to spend on cryptocurrencies.
Bitcoin price is set to slip back below $20,000 any time soon as with Tuesday’s inflation figures it does not look like inflation will go away anytime soon. As of writing, the price of BTC according to CoinMarketCap is $20,296.96 with a market cap of $388,788,666,256.
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