Cryptocurrency News

Bitcoin Sinks to 18-Month Low as US Inflation Impact Spreads


© Bloomberg. A Bitcoin logo on the screen of a cryptocurrency automated teller machine (ATM) inside an Alza.cz store in Prague, Czech Republic, on Tuesday, May 17, 2022. Crypto companies have started to plan for a potential protracted market slowdown. Photographer: Milan Jaros/Bloomberg

(Bloomberg) — Bitcoin plunged to the lowest in about 18 months in Asia trading Monday as the impact of Friday’s shock US inflation data continued to reverberate through global risk assets.

The world’s largest digital token tumbled as much as 9% to below the $25,000 level — its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued. 

Traders are boosting bets for a more aggressive pace of Federal Reserve tightening after data Friday showed US inflation jumped to a fresh 40-year high in May. That triggered a selloff in risk assets including cryptocurrencies and equities. 

©2022 Bloomberg L.P.

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