Bitcoin falls below $30,000 for the second time in a week

Bitcoin shed nearly 3.5% of its value on Wednesday.

The cryptocurrency dropped as low as $29,026.66: a level not seen since December 2020. The second-largest cryptocurrency, Ether, fell 5% to $2,221.35.

Bitcoin’s prices have continued to fall following the broad stock sell-off in the US markets after the Federal Reserve tightened the monetary policy.

On Wednesday, the US consumer inflation rose to an annual rate of 8.3% in April, slightly lower than the previous months as energy prices eased off. The result was still higher than the analysts' estimates, prompting investors to shed risky assets as soon as possible.