There is a decline in the cryptocurrency market today, especially in the price of Bitcoin, as investors act cautiously amid fears of inflation. According to Coinglass, the long liquidations totaled over $175M today (April 19).
Global stock markets also fell after the Bank of England and the European Central Bank had considered raising interest rates further to bring inflation below target rates. The UK Consumer Prices Index (CPI) rose by 10.1% annually against the expectation of 9.8%. Core inflation in the Euro Area rose in March, while the annual inflation fell to 6.9%.
The cautious stance of investors may be due to Fed officials James Bullard and Raphael Bostic backing a 25 basis point rate hike in May, as well as a higher final rate between 5.50% and 5.75%. As a result, the US USD Index (DXY) rose to 102, while Bitcoin and Ethereum prices fell.
