Welcome to Olainfo and here is the latest cryptocurrency news for Bitcoin and Ethereum for today.
On Sunday, June 12, 2022, when US inflation reached a fresh 40-year high, Bitcoin and Ethereum plunged, joining a global cryptocurrency sell-off that sent investors into panic mode.
According to a Nairametrics analysis, Ether sank 5% to $1,440, its lowest level since March 2021, while Bitcoin plunged to $27,000, its lowest level in a month.
High interest rate triggers massive sell-off
Cardano, OMG, XRP, and Avalanche were among the other cryptocurrency assets in the red.
Bitcoin and other major cryptos have recently suffered as the US Federal Reserve raised interest rates and global policymakers strengthened measures to curb price gains, while other risk assets such as tech stocks have also seen drops.
After a few brief gains, bitcoin began a losing run last week and failed to reach the $32,000 price objective.
On Friday, when the US inflation statistics were released, there was a change of 8.6 per cent decline by Bitcoin when it dropped to $29,000.
Why is Bitcoin falling faster than expected?
However, on Sunday, June 12, 2022, Bitcoin began to plunge, reaching a new low of $27,200 (on the FTX platform), the lowest price in a month.
Total long crypto liquidations were above $100 million for the third day in a row on Sunday, according to Coinglass data, after $258 million on Friday and $290 million on Saturday.
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