WARNING OF DEPRESSION HIT CRYPTO MARKET
Bitcoin fell below US $ 20,000 for the third time a week on Thursday morning in Asia as news of a recorded inflation in the U.K. and warnings of a recession that has hit the crypto markets.
Bitcoin traded down 3.5% in the last 24 hours but also rose to US $ 20,045 at the time of publication, according to CoinMarketCap.
Ethereum dropped 6.52% to change hands at US $ 1,051 during the pressure period, while all tokens without stablecoin in the crypto top 10 were lower.
Recent data from U.K. shows that inflation is moving at a 40-year high of 9.1%, and is expected to reach 11% in October in the U.K.
As major banks begin to raise interest rates to combat inflation, the chances of global inflation increase to 50%, according to Citigroup Inc.
The crypto market rate fell by more than 70% from the all-time high in November, as rising inflation and growing fears of an economic downturn have led investors to withdraw money at risk.
The decline in Bitcoin does not mean the collapse of the entire cryptocurrency market as has happened in recent days, when Polygon's MATIC increased by 14% and Uniswap by UNI increased by 9%.