Bitcoin price dropped as much as 7.7% to $39,796, the first time the largest cryptocurrency by market value has been below $40,000 since March 16.
Since peaking at just above $48,000 in late March, Bitcoin — and other tokens — have been dragged lower by concerns about tighter monetary policy.
inflation likely accelerated to 8.4% in March, the fastest pace since early 1982, economists surveyed ahead of data due Tuesday predict.
Bitcoin has been in a trading range of around $35,000 to $45,000 for much of the year so far.
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