Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies, as stubbornly high UK inflation fanned fears of higher-for-longer interest rates.
The largest token fell as much as 4.5% before paring some of the slide to trade at about $29,175 as of 11:50 a.m. in London on Wednesday. Ether shed 6% and smaller tokens like Solana and Avalanche suffered steeper declines. European stocks and US equity futures also slipped.
