Crypto Prices Today: Bitcoin and Ether Compactly Slump on Inflation Worries

Liputan6.com, Jakarta Bitcoin price slid below the USD 29,000 mark for the first time in 10 days. Ether also lost $2,000 in price support in a sell-off across all of its top 10 non-stablecoin tokens.

Some commenters view today’s drop in crypto prices as a repricing based on recent concerns about future inflation and higher interest rates.

Litecoin leads as losers. US equity futures slumped after Wall Street closed flat lower on Wednesday.

Launching the Yahoo Finance page, Thursday (20/4/2023), the price of Bitcoin fell 4.59 percent to USD 28,943 in 24 hours with a weekly loss of 3.59 percent, according to CoinMarketCap data. The world’s largest cryptocurrency lost around USD 1,000 on Wednesday.

Meanwhile, the price of the cryptocurrency Ether slumped 7.20 percent to USD 1,947, but remained 1.93 percent higher over the last seven days.

The token is trading below the USD 2,000 mark for the first time since April 13, when the Ethereum blockchain completed its upgrade in Shanghai.

Litecoin led the losers by losing 10.50 percent in the last 24 hours and trading at USD 90.85, down 1.39 percent for the week.

The latest sell-off in cryptocurrencies is a pending correction after this year’s rally and investors are taking profits as risk-off trends emerge in global markets, according to a CNBC report on Wednesday citing Joel Kruger, market strategist at forex and crypto platform Lmax Group.

The risk-off mood follows more global inflation signals. Britain reported a 10.1 percent annual increase in the consumer price index in March, beating projections of a rise of 9.8 percent.

This week, Atlanta Federal Reserve President Raphael Bostic and St. Fed President. Louis James Bullard said it was too soon to consider a rate cut, given the US inflation rate, which hit 5 percent in March, compared with the Fed’s expectation of 2 percent.