Because of mounting macroeconomic uncertainty that is worsened by higher-than-expected inflation numbers, Bitcoin has been unable to snap its losing streak and is likely to conclude the week on a negative note.
After the release of the Personal Consumption Expenditures (PCE) statistics, which showed a larger-than-anticipated price increase from the previous month, the considerable losses are the result of this.
Also, $1.8 billion worth of Bitcoin option contracts are set to expire today, which might cause volatility in the short-term price movement of BTC.
Bitcoin's price is currently $23,070.20, and its 24-hour trading volume was $25,828,731,350. The price of Bitcoin has dropped by 3.57% in the last day.
Ethereum's price right now is $1,598,62, and its 24-hour trading volume was $8,619,530,362. Over the last 24 hours, the price of Ethereum has dropped by 2.85%.
As inflation worries grow, the cryptocurrency market is bearish.
Due to growing macroeconomic worries, which have been exacerbated by higher-than-expected inflation rates, the global cryptocurrency market is now in a downward trend and is predicted to conclude the week on a negative note.