Bitcoin and the broader cryptocurrency market traded off for a second straight day on Thursday on fears inflation and a steady increase in the rate of re-emergence. The US House of Representatives passed the debt ceiling deal on Wednesday night and the bill now moves to the Senate for its approval. Bitcoin fell 1% on the day to $26,800 and has lost more than 6% in the past month. While new eurozone data showed inflation fell more than expected to 6.1% in May from 7% in April, the President of the European Central Bank, Christine Lagarde signaled that further interest rate hikes are needed. “We need to continue our hiking cycle until we have enough confidence that inflation is on track to return to our target in a timely manner,” he said in a speech on Thursday.
