Bitcoin drops about 4%, slips below $30,000 amid crypto selloff

The largest token fell as much as 4.5 per cent on Wednesday

Bitcoin dropped below the closely watched $30,000 level amid a wider retreat in crypto prices as concerns about inflation prompted a bout of caution in global markets.

The largest token fell as much as 4.5 per cent before paring some of the slide to trade at about $29,270 as of 9:31am in London on Wednesday.

Ether shed 5 per cent and smaller tokens like Solana and Avalanche fell around 8 per cent.