Mining crypto

Crypto Crash: Bitcoin Drops to 18-Month Low, Ether, Other Cryptocurrency Prices Also Plunge Today

Bitcoin price continued to sell off amid a broader cryptocurrency decline after a sharp rise in US inflation sparked risk aversion sentiment. The world’s largest digital token fell 7% to $25,366, an 18-month low. The most popular crypto is down over 43% so far this year (YTD) and is trading well below its all-time high of $69,000 which it hit in November last year.

In contrast, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, fell almost 8% to its 15-month low at $1,340. Meanwhile, dogecoin price was also trading today almost at $0.07, while Shiba Inu also rose 0.2% to $0.000011. The global cryptocurrency market capitalization today is $1.08 trillion, down more than 8% in the last 24 hours.

The performance of other crypto prices today also fell as Stellar, Uniswap, XRP, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin prices traded with declines of up to 15% in the last 24 hours.

Traders are raising bets for a more aggressive pace of tightening from the Federal Reserve after data on Friday showed US inflation hit a new 40-year high in May, Bloomberg reported, triggering a selloff mass of risky assets including crypto and stocks. Cryptocurrency prices have fallen this year as the Federal Reserve withdraws stimulus and raises rates to fight inflation.

There is a high probability that global bitcoin adoption will increase significantly in the future and reach 10% by 2030, according to a report by Blockware Solutions, a blockchain infrastructure and bitcoin mining company. The report estimates that around 0.36% of the world’s population currently uses the bitcoin network.

Blockware Solutions believes that bitcoin adoption will reach saturation faster than many technologies such as the internet, smartphones, social media, landlines, electricity, cellphones, radio and tablets.

(With agency contributions)

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