Crypto pares losses from fall fuelled by US inflation data
New York: Bitcoin and Ether pared losses, after falling earlier on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high. Ether declined as much as 6.4% to $1,424.40, its lowest level since March 2021, while Bitcoin dropped to as low as $26,876.51, its lowest since May 12.
Virtually all top tokens tracked by Bloomberg were down Sunday, with the likes of Dogecoin and Avalanche falling as much as 9.4% and 13% respectively. But they then showed some signs of life, rallying off their lows as of 11:45 a.m.
Sunday in New York – and Ether even briefly made its way back to positive territory for the day. Bitcoin and other cryptocurrencies have suffered in recent months as the Federal Reserve hikes rates and global policy makers step up efforts to combat price increases, and as risk assets like tech stocks retreat.
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