According to a report on the Wall Street Journal Chinese website on the 13th, Bitcoin's rout this year has deepened further. Amid widespread selling triggered by concerns about rising interest rates in the United States, the price of the world's largest cryptocurrency fell to $25

2024/04/2823:49:33 hotcomm 1858

China-Singapore Jingwei, June 13th According to a report on the Wall Street Journal Chinese website on the 13th, Bitcoin's rout this year has further deepened. Amid widespread selling triggered by concerns about rising interest rates in the United States, the price of the world's largest cryptocurrency fell to $25,000.

According to reports, the digital currency fell further during the Asian session on Monday morning after falling over the weekend, with the latest inflation data that was higher than expected fueling investor concerns that the Federal Reserve may be forced to take stronger action to curb price surges. As of 15:00 on June 13, Bitcoin was trading at $25,297.

According to a report on the Wall Street Journal Chinese website on the 13th, Bitcoin's rout this year has deepened further. Amid widespread selling triggered by concerns about rising interest rates in the United States, the price of the world's largest cryptocurrency fell to $25 - DayDayNews

Bitcoin price trend (as of 15:00 on June 13) Source: Yingwei Finance

Data released last Friday showed that the consumer price inflation rate in the United States in May was 8.6%, exceeding expectations and hitting the highest level in more than 40 years. level. The data pushed U.S. stocks lower on Friday and allowed the losses to spread to Asian stock indexes on Monday.

reported that at the end of Monday morning in Hong Kong, China, Bitcoin was trading at $25,176, which was 13.8% lower than last Friday at 5 p.m. Eastern Time. If this level holds during New York trading hours, it will be the lowest end-of-day level since December 2020. The

report quoted Markus Thielen, chief investment officer of IDEG Asset Management Ltd., as saying that the market recalled Federal Reserve Chairman Powell's comments last month, when he said that if there were no clear signs that inflation would decline, the Fed must take more forceful action.

Thielen pointed out that the widely watched University of Michigan Consumer Confidence Survey showed that public expectations for inflation five years from now jumped to 3.3% from 3% in May, the highest level since 2008.

Currently, Bitcoin has fallen by more than 60% from the all-time high hit in November 2021, when it hit $67,802.

reported that before the latest decline in cryptocurrency prices, U.S. Treasury Secretary Yellen said last week that cryptocurrencies are a very risky investment for most retirement savers. (China-Singapore Jingwei APP)

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