Hard Selling Trend in the Crypto Market

After the record inflation figures announced by the USA last Friday, sharp decreases were seen in the crypto market.

High inflation data in the United States economy after 40 years caused hard sales in the crypto market. Ethereum dropped 5% to $1445.56, the lowest level since March 2021. Cryptocurrency giant Bitcoin, on the other hand, fell to $27 thousand 264.65, falling to its lowest level since May 12. Dogecoin and Avalanche lost more than 7 percent. Stocks tumbled with the US inflation data release on Friday, with 2-year Treasury yields posting their highest level since 2008. Bitcoin and other cryptocurrencies have suffered huge losses as the US Federal Reserve's recent interest rate hike, global monetary policymakers' efforts to control the price increases, and risky assets such as technology stocks depreciated. Viyaj Ayyar, Vice President of crypto platform Luno, said, “US inflation data has supported the downtrend as we enter the weekend and the downtrend seems likely to continue, especially due to the FOMC meeting next week. If this is the situation we are experiencing right now, we can see Bitcoin regress to much lower levels in the next 1-2 months.” According to data from Coinglass, the loss on Sunday was $100 million, after $258 million was lost on Friday and $290 million on Saturday.