The largest cryptocurrency in the world fell to 41,918 dollars in this morning’s trading in Asia, retreating for the seventh day in a row in the last eight sessions.
The value of bitcoin is below 50 days. The Hong Kong Stock Exchange-traded the currency at 5:22 p.m. local time at $ 41,998, down 2.6 percent on a daily basis.
Since reaching a high of just over $ 48,000 in late March, Bitcoin and other cryptocurrencies have been on a downward trend due to investor caution over-tightening U.S. monetary policy to curb rising consumer prices.
Inflation in the United States, according to economists’ forecasts ahead of tomorrow’s release of data, probably accelerated growth to 8.4 percent in March, the highest level since the beginning of 1982, according to the New York agency.
The Federal Reserve may therefore have to raise interest rates above 4.0 percent this year, according to Goldman Sachs chief economist Jan Hakijus.
The expected stronger rise in borrowing costs has jeopardized the demand for riskier assets such as cryptocurrencies and stocks of technology companies, whose prices are increasing in tandem.
Other leading virtual tokens also fell today, with the Polkadot down 8.7 percent and the ether down 4.6 percent.