This year’s rout in bitcoin deepened, with the world’s biggest cryptocurrency dropping toward $25,000
HONG KONG— amid a broader selloff fanned by concerns about rising U.S. interest rates.
Digital currencies fell over the weekend and dropped further on Monday morning in Asia, after a freshData Friday showed U.S. consumer-price inflation stood at 8.6% in May, surpassing estimates,spread to Asian share indexesBy late morning in Hong Kong on Monday, bitcoin was trading at $25,176. That was down 13.8% from its 5 p.m. ET level Friday. If that level holds through New York trading hours, that would mark the lowest end-of-day level since December 2020.
Cryptocurrencies have been moving in tandem with traditional markets in recent weeks, with a tendency to echo other risky assets such as stocks, albeit with even higher volatility.showed the public’s expectation of inflation“The public is losing confidence that the U.S. central bank will be able to push inflation lower,” he said. It would likely take a shift in Fed policy for cryptocurrencies to become very attractive again, Mr. Thielen added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Jurassic World Dominion’ Roars Into $25 Million IMAX Opening WeekendJurassicWorldDominion defies expectations bringing home $25 million at the global IMAX box office.
Read more »
When Your Wilted Produce Needs New Life, Make This PajeonIt works well for fresh veggies, but it's also a killer end-of-fridge dish
Read more »
Crypto crash gathers steam over weekend as inflation marks fastest pace of rise since 1981Bitcoin was trading just below $26,000 on Sunday as cryptocurrency investors continued to sell across the space following worse-than-expected inflation numbers.
Read more »