The crypto crash accelerated Sunday night, with bitcoin plunging 8%, approaching the $25,000 level.
Bitcoin and other cryptocurrencies tumbled on Sunday, with losses for the asset class building over the weekend following U.S. data that showed persistent inflation pressures in May, marking the fastest pace of increase since December 1981.
Investors are worried that inflationary pressures will trigger more aggressive action by the Federal Reserve, which convenes its two-day policy meeting Tuesday, with an expected half-a-percentage point increase to the fed-funds rate expected when the gathering concludes on Wednesday. That policy rate currently stands at a range of 0.75%—1%.
“From the next cycle’s view, we are probably near the bottom but that doesn’t mean that price can nuke 50% further,” the co-founder and chief operating officer of crypto price-tracking company CoinGecko, Bobby Ong, warned Sunday in a Twitter thread. Read: “I thought it was a sick joke’: They gave up other job offers to work for Coinbase, and are now unemployed
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