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According to Bloomberg, the value of Ethereum, the world's second largest cryptocurrency, plummeted to its lowest level in more than a year - since March 2021 - during trading on June 12. Bitcoin, the most valuable cryptocurrency by market capitalization, plummeted to its lowest level since May 12.
One of the causes for the cryptocurrency market's decline, according to Bloomberg, is new data on inflation in the United States, which was greater than predicted. The consumer price index in May was 8.6 percent higher than in May 2021, according to the US Federal Bureau of Labor Statistics. That's the highest it's been in almost 40 years, since 1981. Core inflation, which excludes food and energy, increased by 6%. According to CNBC, analysts projected that inflation would be 8.3 percent.
Higher housing, gasoline, and food prices all contributed to the overall price increase in May, according to the channel. According to Bloomberg, stock market value fell after the numbers were released, and the yield on two-year treasury notes soared to a high not seen since 2008.
Furthermore, the tightening of monetary policy by central banks around the world has a negative impact on the cryptocurrency market, according to Bloomberg.
source: bloomberg.com, cnbc.com
One of the causes for the cryptocurrency market's decline, according to Bloomberg, is new data on inflation in the United States, which was greater than predicted. The consumer price index in May was 8.6 percent higher than in May 2021, according to the US Federal Bureau of Labor Statistics. That's the highest it's been in almost 40 years, since 1981. Core inflation, which excludes food and energy, increased by 6%. According to CNBC, analysts projected that inflation would be 8.3 percent.
Higher housing, gasoline, and food prices all contributed to the overall price increase in May, according to the channel. According to Bloomberg, stock market value fell after the numbers were released, and the yield on two-year treasury notes soared to a high not seen since 2008.
Furthermore, the tightening of monetary policy by central banks around the world has a negative impact on the cryptocurrency market, according to Bloomberg.
source: bloomberg.com, cnbc.com
