The price of Bitcoin (BTC) has fallen to $29,000 U.S. amid growing concerns that the U.S. Federal Reserve will continue raising interest rates in the near-term.
Traders are increasingly betting that the U.S. central bank will again raise interest rates by 25-basis points at its next meeting in May despite growing signs that the American economy is slowing down.
At the same time, the latest inflation reading in the U.K. showed that consumer prices in March rose more than 10% from a year earlier, dampening market sentiment.
Also, it appears that there was a large sale of some 16,000 Bitcoin worth more than $465 million U.S., which has also contributed to the current price slump.
Despite the current dip, the price of Bitcoin has risen 76% so far in 2023 and had been trading above the key threshold of $30,000 U.S. in recent days.
