The ongoing war in Ukraine and the 40-year high inflation are affecting cryptocurrency prices. Moreover, the leading cryptocurrency, Bitcoin, dropped below $23,000 recently after the second-quarter GDP report. Bitcoin hasn’t been above $50,000 since late December 2021. The cryptocurrency has been trading between a tight range of $22,000-$25,000.
Bitcoin again fell on Thursday on U.S. labor market numbers which indicated a weakening market. On top of it, adding to the volatility in the crypto market is the IMF’s forecast that the economic growth will slow from 6.1% last year to 3.2% this year.
