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.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »