Bloomberg News reports that Bitcoin continued with its selloff on Monday morning as part of broader cryptocurrency declines following a steep rise in inflation in the United States that triggered the risk-off sentiment.
More on the Bitcoin fall
The largest digital currency in the world dwindled by as much as 6.4%, registering a figure of $25,593, the lowest level since May 12th, recording a loss of for the seventh day. There was a drop in Ether by as much as 9% to $1,342.32. Bloomberg kept a tab on the other coins, including Dogecoin, Cardano, Avalanche, and Polkadot, which were also found in red.
Antoni Trenchev, crypto lender Nexo’s co-founder and managing partner, stated that cryptos remain at the Fed’s mercy and are stuck with NASDAQ in a merry dance and the other risk assets. He also said there is a buzz in the market that forecasts for Bitcoin in the mid-teen and the single-digit thousands that tell you the nature of the macro-environment crypto is facing levels of fear for the first time.
Bloomberg News also reports that for an aggressive tightening pace of the Federal Reserve, traders are boosting bets following Friday’s data which implied that US inflation surged to a fresh high, the highest in the last 40 years, in May. This has given rise to a selloff spree in the risk assets, including the stocks and crypto.
