Bitcoin Erases Spike Above $58K as Fed Minutes Raise Specter of Faster Stimulus Unwinding

Bitcoin Erases Spike Above K as Fed Minutes Raise Specter of Faster Stimulus Unwinding
Bitcoin is showing signs of exhaustion after the minutes from the Federal Reserve’s September meeting, released late Wednesday, flagged inflation concerns and revealed growing support for a faster unwinding of stimulus.The cryptocurrency is currently trading marginally lower on the day near $57,300, having earlier touched a five-month high of $58,500. It is up 30% this month, though, buoyed by increased expectations that the U.S. Securities and Exchange Commission will soon approve a futures-based bitcoin exchange-traded fund (ETF).The Fed minutes carried fewer references to inflation being transitory and showed policymakers are worried price pressures might remain high for longer than previously…