Bitcoin Reaches All-Time Low Amidst US Inflation Increase
Amidst news of US inflation surging to 8.6% last May, cryptocurrency lender Celsius paused all kinds of withdrawals from its platform, causing bitcoin to take a massive plunge and reach an all-time low level since December 2020.
Investors Ditch Crypto for Safer Assets
Investors feared the consequences of such high inflation rates and considered it safer to let go of riskier assets like bitcoins and cryptocurrencies. As a result, they started investing more in safer assets, which might impact not only bitcoins but also other cryptocurrencies.
Impact on UK Market due to US Inflation Increase
The situation might cause significant changes in the UK market, where cryptocurrencies have been gaining popularity over the past few years. However, with the current market scenario, it might be a better option for investors to consider investing in other assets that offer higher stability.
Read More Here https://news.sky.com/story/bitcoin-plummets-to-lowest-level-since-december-2020-as-crypto-lender-celsius-pauses-withdrawals-12633147
