The cryptocurrency with the largest market cap fell below $26,200 early Wednesday after disappointing UK inflation data.
After two weeks of stagnation, the cryptocurrency market has finally seen a bit of a change as investors reeled from UK inflation and Janet Yellen's recent warning to suspend the US debt ceiling, with prices plummeting on Wednesday. .
Announcements at the most recent Federal Open Market Committee (FOMC) meeting later in the day that showed U.S. central bankers bickering over continued rate hikes did little to boost market confidence.
bitcoin has recently traded near $26,440, down about 3% over the past 24 hours and approaching the lowest since May 12, when the cryptocurrency with the largest market cap fell below $26,000. During this time, BTC's trading volumes and volatility have been subdued as the market faces the prospect of a US government default, crypto regulation and continued macro uncertainty. Bitcoin became buying and selling in the $26,500 to $27,500 variety on Wednesday.
