Bitcoin Tumbles Below $59K Amid Inflation Worry, Regulatory Onslaught on Crypto

“Hot CPI and oil price spike due to Middle East tensions have created a fear that the Fed will not cut as much as the market previously thought,” Quinn Thompson, founder of hedge fund Lekker Capital, said in a Telegram message. “Mix in [Atlanta Fed President] Bostic’s hawkish comments today regarding a potential pause and that’s the tinder to run the levered traders’ stops.”