Bitcoin (BTC) has tumbled almost 4.5% in 24 hours and is now trading at around $28,200 against the US dollar. The crash is believed to have resulted from a huge sale order on Binance and rising concerns among investors over inflation and increasing interest rates. UK and EU economic data released on Wednesday also troubled traders, with persistent inflation indicating the possibility of rate hikes and leading to worry over a global economic recession. Additionally, comments made this week by members of the Federal Open Market Committee exacerbated concerns over inflation, with Fed officials agreeing that it is too early to discuss a reduction in interest rates in the US, given March’s stubbornly high 5% inflation rate, compared with the Fed’s target of 2%. The BTC/USD drop was further exacerbated by worries about higher interest rates expected from central banks. Meanwhile, SEC Chairman Gary Gensler has been facing increased questioning around his stance on cryptocurrency regulation, which culminated in calls for his resignation during an SEC oversight hearing. The current cryptocurrency market sell-off has intensified across exchanges and liquidated long bets across all crypto markets, valued at more than $300m. While there has been no clear reason for the sell-off, it is thought that a significant sell order on Binance and March’s surprising UK inflation rate of over 10% may have impacted market sentiment.
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