Cryptocurrencies
Bitcoin Retreats From Record After Markets Get an Inflation Jolt
Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington.
Photographer: Angel Garcia/BloombergA stronger-than-anticipated inflation reading reminded investors that Bitcoin remains a highly volatile asset just hours after the digital currency soared to another record high.
The original cryptocurrency fell more than 4% in a matter of minutes following a government report showing US wholesale inflation accelerated in July by the most in three years. That sent stocks lower and tempered expectations for a reduction in interest rates, sending Bitcoin down from a high of $124,515 set late Wednesday in New York. The previous record was reached in July.