Bitcoin Slumps Again as Investors Await Inflation Report
- Tuesday drop wipes out prior day’s gain ahead of CPI data
- The cryptocurrency may jump if prices ease, Oanda analyst says
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Bitcoin slumps, erasing all of the prior session’s gains and ending a four-day winning streak as crypto investors brace for Wednesday’s inflation data.
The largest cryptocurrency by market value was down 4.2% to $23,067 at 2:57 p.m. in New York, the biggest one-day drop since June 26. Other cryptocurrencies didn’t fare much better, as Ether -- Ethereum’s native token -- sank below $1,700 on losses of around 6%, Cardano and Solana both took similar losses.