Crypto Crash!! Bitcoin and Ethereum Collapse on US Inflation

Crypto Market Continues To Fall Into Widespread Weakness After the US inflation data shows the highest level in 40 years

According to Coinmarketcap data, on Monday (13/6/2022) at 5:40 AM WIB, the price of Bitcoin is down 5.10 percent over the past 24 hours, bringing BTC to $27,192.85.

Meanwhile, Ethereum was down 5.20% at $1,467.17. BTC and ETH were down 9.20% and 18.96% respectively over the past seven days.

According to Bloomberg, where almost all of the leading tokens previously tumbled on Sunday (12/6/2022) local time, Ether fell 6.4% to $1,424.40, its lowest level since March 2021, while Bitcoin. It dropped to $26,876.51, the lowest since May 12, 2022.

US inflation data released on Friday (10/6/2022) exceeded expectations. in the hope that higher prices may have reached their peak. Stock markets slumped as yields on two-year U.S. Treasuries rose to their highest levels since 2008.

Bitcoin and other cryptocurrencies have suffered in recent months as the Federal Reserve raises interest rates and policymakers around the world have stepped up efforts to combat higher prices. Not to mention riskier assets like tumbling tech stocks.

Vijay Ayyar, vice president of corporate and international development at crypto platform Luno, said: “Inflation data fuels the downtrend. And it’s likely we’ll see this decline continue over the next week. Especially with the upcoming FOMC meeting.”

Ayyar said that if you look at the previous bear market, Bitcoin is down about 80 percent plus as usual, with altcoins usually up 90 percent.

“If this continues We may see a much lower Bitcoin price in the next month or two,” he explained.

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Some analysts say that if Bitcoin falls below its $20,000 high, the price is likely to drop sharply. Levels such as the latest 200-week moving average are near $22,000 and/or the 2017 low of $19,511.

According to Coinglass, all long-term crypto settlements exceeded $100 million for the third day in a row on Sunday, after $258 million on Friday and $290 million on Saturday, the MVIS CryptoCompare Digital Assets 100 Index, a measure of value. According to the market price tracking, the performance of the 100 largest tokens has dropped to its lowest level since January 2021.

According to Coinmarketcap data, on Monday (13/6/2022) at 5:40 AM WIB, the price of Bitcoin is down 5.10 percent over the past 24 hours, bringing BTC to $27,192.85.

Meanwhile, Ethereum was down 5.20% at $1,467.17. BTC and ETH were down 9.20% and 18.96% respectively over the past seven days.

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