Bitcoin takes a hit on interest rate hike fears
Bitcoin is up more than 13% month-to-date, but down more than 5% year-to-date.
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Bitcoin was trading back around $43,000 Friday morning, after having jumped above $45,000 during the day Thursday.
The cryptocurrency has been behaving much like the stock market, reacting to inflation figures and concerns about higher interest rates.
Bitcoin heads into Friday having snapped a three-day winning streak.
Bitcoin is up more than 13% month-to-date, but down more than 5% year-to-date.
Bitcoin reacted to the Wall Street retreat Thursday on news that U.S. inflation jumped 7.5% in January, raising expectations the Federal Reserve will need to move forcefully to cool the economy by raising interest rates.
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St. Louis Federal Reserve President James Bullard suggested rates should be one full percentage point higher by July.
The S&P 500 fell 1.8% to 4,504.08, with more than 85% of its stocks ending lower after another day of sharp swings. The Dow Jones Industrial Average fell 1.5% to 35,241.59 and the Nasdaq composite slid 2.1% to 14,185.64.
Ether, the second biggest cryptocurrency by market capitalization, was trying to rebound Friday morning after being down 4% during the Thursday session.
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Bitcoin's trading volume has been trending higher and in general was higher than a week ago, based on data compiled by CoinDesk.