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Bitcoin price surges as US inflation hits 39-year high

With market analysts warning that a severe sell-off could take place take place if it falls below the key psychological level of $40,000.

Bitcoin shoots to $44,000 as US inflation hits 7% in December

The price of bitcoin has continued to rebound on Wednesday, after briefly crashing below $40,000 at the start of the week.

The cryptocurrency experienced the longest continuous decline since 2018 in the first week of January, with market analysts warning that a severe sell-off could take place take place if it falls below the key psychological level of $40,000.

Funds are already being moved onto exchanges by some investors, with one anonymous wallet transferring more than $40 million in BTC onto Coinbase.

Other leading cryptocurrencies have experienced a similar downturn in fortunes to bitcoin, with Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) all falling by around 20 per cent over the last seven days.

The only top 20 cryptocurrency by market cap to see any positive movement since the start of 2022 has been Chainlink (LINK), which has risen by more than 15 per cent in price.

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