{"id":52490,"date":"2022-09-14T13:04:33","date_gmt":"2022-09-14T11:04:33","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=52490"},"modified":"2022-09-14T13:04:33","modified_gmt":"2022-09-14T11:04:33","slug":"bitcoin-crashes-yet-again-crypto-market-swims-in-deep-red","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-crashes-yet-again-crypto-market-swims-in-deep-red\/","title":{"rendered":"Bitcoin Crashes Yet Again; Crypto Market Swims in Deep Red"},"content":{"rendered":"
After a strong recovery in the last few sessions, Bitcoin (BTC) sank sharply to revisit $20K.<\/strong> Ethereum (ETH) along with major cryptocurrencies plunged amid rising U.S. inflation rates.<\/strong> <\/p>\n Inflation in the US accelerated amid rising costs for rents and healthcare continued to batter the economy. The financial scenario sent the economy into a tailspin with the Dow Jones index losing nearly 1,300 points<\/strong>. The broader market pangs are not just affecting stocks and bonds, but also cryptocurrencies. Bitcoin (BTC) has been increasingly moving in tandem with the traditional markets as the correlation has only surged in recent months. <\/span><\/p>\n <\/p>\n As the US inflation numbers spooked traders, Bitcoin (BTC), fell over 8 percent<\/strong> in the last 24 hours to currently hover at $20,376.<\/strong> The bellwether token plunged in the wake broad-based sell-off after higher-than-expected US inflation data. Bitcoin\u2019s dominance is currently <\/span>39.35 percent<\/span><\/strong>, a decrease of <\/span>0.77 percent<\/span><\/strong> over the day. However, according to CoinMarketCap<\/a>, BTC increased 8.54 percent<\/strong> in the past 7 days. <\/span><\/p>\n The world’s largest cryptocurrency dipped to the $20,000 level after a brief relief rally and breached the $22,000 mark. But the price failed to sustain its upward movement and decreased sharply the same day, creating a massive bearish engulfing candlestick<\/strong> that led to a low of $19,860.<\/p>\n If the downward movement continues, the closest support area would be at $19,000.<\/strong> Edul Patel, CEO of Murudex, believes another series of aggressive rate hikes are in the pipeline<\/strong> by the US Fed to tame rising prices. He added,<\/p>\nBitcoin Revisits $20K Level<\/h2>\n