During the Covid-19 global pandemic, Bitcoin skyrocketed to its ATH of around $69k. Global markets were closed to minimize the spread of the contagious pandemic. In a bid to bolster struggling economies, most governments ended up printing more money, as observed in the United States, which offered several fiscal stimuli in trillions of dollars.
As the Covid related constraints reduce exponentially worldwide, central banks are working to counter the high inflation by raising interest rates. For instance,
“There’s still some distance for Japan to see inflation sustainably and stably meet the BOJ’s 2% target. Big improvements must be made in Japan’s trend inflation for the BOJ to shift towards monetary tightening,” incoming Bank of Japan Governor Kazuo Ueda said on Monday.
In Europe, ECB president Christine Lagarde confirmed that the EU would continue to raise interest rates until the inflation returns to 2 percent.
Source: https://coinpedia.org/bitcoin/bitcoin-price-in-a-tight-spot-can-it-survive-the-upcoming-global-inflation-crunch/