Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in cryptocurrencies, as stubbornly high UK inflation fanned fears of higher-for-longer interest rates.
The largest digital token fell as much as 4.5% before paring some of the slide to trade at about $29,276 as of 3:05 p.m. in New York on Wednesday. Bitcoin has traded on either side of the benchmark number after reaching that level last week for the first time since June.
