After weeks of almost continuous good news for the cryptocurrency industry, we are seeing a widespread sell-off today.
The biggest news this week is that inflation is going up faster than expected and cryptocurrency investors don’t quite know what to make of that.
As a store of value, Bitcoin, in particular, was seen as a potential place for investors to put money if inflation picks up.
It will take time for the market to figure out what to do with the latest inflation data.
We also learned on Wednesday that Bitwise Asset Management decided to withdraw its application for a Bitcoin futures ETF.
Bitcoin and Ethereum, in particular, are up over 20% and a pullback is natural at this point.