Bitcoin Tumbles Below $58K Amidst High US Inflation

Bitcoin's price plummeted to a new 21-month low on Thursday, dropping below $58,000 as high US inflation figures unsettled stock markets.

The Personal Consumption Expenditures (PCE) index came in at 4.1%, setting a new three-year record.

The Nasdaq 100 saw a larger snap decline of 2% in just 30 minutes at the open, while stocks reacted with volatility to the inflation news.

Crypto liquidations passed $600 million in an hour as BTC's correction mirrored the price action seen throughout the 2022 bear market.

Market participants suggested that price moves were being artificially managed to squeeze positions, with trader Killa commenting, 'Every time $BTC trades sub-$60K, that is our manipulation beneath the significant $60K swing low on the weekly and quarterly.'