Inflation in the United States, which reached its highest level in 40 years, sent bitcoin and ether lower on Sunday, amid a broader slide in cryptocurrencies.
According to Arab Net, Ether lost as much as 5%, falling to $1,445.56, its lowest level since March 2021, while Bitcoin fell more than 7% to $2,7264.65, the lowest since May 12, in Asian trading.
US inflation data released on Friday beat expectations, dashing any hopes that price hikes have peaked. Stocks sank while two-year Treasury yields rose to their highest level since 2008.
Bitcoin and other cryptocurrencies have struggled in recent months, as the Federal Reserve raised interest rates, amid global policymakers' efforts to combat price hikes, and as risky assets such as technology stocks declined.
It is very likely that we will see this downward trend continue into next week, especially with the FOMC meeting, Vijay Ayar, vice president of corporate and international development at crypto platform Luno, is quoted by Bloomberg as saying.
