The BTC/USD continued consolidating as the market waited for the upcoming American inflation data.
Bitcoin was trading at 19,100, where it has been in the past few days. This price is slightly lower than this month’s high of 20,300.The BTC/USD price remained in a tight range as focus shifted to the closely-watched US inflation data that will come out on Thursday.
As a result, investors tend to abandon risky assets like Bitcoin and growth stocks. This explains why Bitcoin has fallen by more than 60% this year alone. In it, the Fed has hiked rates by 300 basis points. Minutes published on Wednesday showed that Fed officials believe that more rate hikes are necessary to deal with inflation.
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