Bitcoin (BTC) sank underneath $58,000 during the European morning on Wednesday to the lowest level since the end of February. BTC has fallen around 6% in the behind 24 hours having dropped below the $60,000 support level late on Tuesday. The wider crypto store, as measured by the CoinDesk 20 Index (CD20), has lost more than 5%. Cryptocurrencies have been dogged by risk-off emotion in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that give birth to tapered hopes of an interest-rate cut by the Federal Reserve. The Federal Open Market Committee is due to give its latest rate firmness later today.
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