Bitcoin on sales again!

[Maniés]

Bitcoin has been relatively stable lately, though it has struggled to stay above $20,000 for more than a brief time in recent weeks.

The biggest crypto token has had a rough year, falling more than 60% in value since the start of January. Recently, bitcoin has mostly kept to the $19,000 range, with occasional dips into the $18,000s. On Tuesday, the token reclaimed $20,000, but that ultimately proved to be a brief stint, sliding back down later in the week.

So what’s the reason for the decline this time?

Bitcoin’s price saw a drastic drop below $19,000 Thursday morning as the latest government inflation data showed prices continue to rise despite the Federal Reserve’s efforts to bring them down. Experts say there is a risk-off mood in anticipation of a recession.  

Some investors are also wonder if the current disconnect between crypto and stocks means that crypto will stop tracking the stock market. Experts don’t think we’re there just yet, and they aren’t sure it’ll happen at all. At a minimum, crypto needs more time before it breaks free of stock prices.