Crypto plunges to its worst over the weekend as US inflation hits a 40-year high


Bitcoin and Ether suffered losses over the weekend as cryptocurrencies fell on Sunday amid a broader selloff by the crypto sector following data showing US inflation hitting a new 40-year high. Bitcoin’s weekly close looks to be approaching its lowest since early 2020, owing to lingering weakness exacerbated by limited weekend liquidity.

Crypto plunges further fuelled by the US inflation data

The crypto market has recently been subjected to a string of devastating lows. These crypto losses are now getting out of hand. Bitcoin and other cryptocurrencies plummeted on Sunday, with the asset class’ worth declining over the weekend following US economic data confirming persistent inflation pressures in May, suggesting the quickest inflation rate since December 1981.

The value of Ether plummeted as much as 6.4% to $1,424.40, its lowest point since March 2021. Bitcoin also fell to its lowest price since May 12, approaching $26,876.51. Almost all top cryptocurrencies tracked by Bloomberg were down Sunday, with Dogecoin and Avalanche shedding 9.4% and 13%, respectively.

However, these crypto-assets later showed signs of life, rallying off their lows as of 11:45 a.m. According to Bloomberg, Sunday in New York – and Ether even briefly made its way back to positive territory for the day.