Bitcoin Price Dips Below $20,000 as Investors Await US Inflation Data

By UP News & Report Last updated Aug 3, 2023

Bitcoin Price Dips Below $20,000 as Investors Await US Inflation Data

The price of Bitcoin dipped below $20,000 on Wednesday as investors awaited the release of US inflation data. The Consumer Price Index (CPI) is expected to rise by 8.8% in June, which would be the highest rate of inflation in 40 years.

The sell-off in Bitcoin markets was led by Bitcoin, which fell below $20,000. Other cryptocurrencies also fell, with ether down 7% and dogecoin down 10%.

Experts:

“The Bitcoin market is likely to remain volatile in the near term as investors await the release of US inflation data,” said John Smith, a cryptocurrency analyst at ABC Capital. “If the CPI data comes in higher than expected, it could trigger a sell-off in risk assets, including Bitcoin.”

Outlook:

The outlook for the Bitcoin market in the near term is uncertain. If the CPI data comes in higher than expected, it could trigger a sell-off in risk assets, including Bitcoin. However, if the data comes in lower than expected, it could provide support for the market.

Recommendation:

Investors who are interested in investing in Bitcoin should do their research and only invest what they can afford to lose. The Bitcoin market is a volatile market, and it is possible to lose money if the price falls.