Bitcoin Price Drops 4% to $35K as Cryptocurrencies Slide Despite Positive Inflation Data
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Bitcoin price dropped 4% to $35K despite positive traditional market moves due to lower inflation data.
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Other major cryptocurrencies like Ether, dogecoin, and Polygon's token also suffered losses between 6-7%.
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The selloff may be due to investors taking profits ahead of potential SEC spot bitcoin ETF delay announcement on Friday.
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Lower inflation and interest rates could support crypto prices going forward according to Grayscale report.
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Analysts remain optimistic about bitcoin's long-term store of value narrative despite recent volatility.