Crypto sinks with stocks on economic uncertainty.
Bitcoin’s summer slump continues, with prices falling below $32K as post-pandemic inflation fears wash over the cryptocurrency market.
The U.S. Labor Department released data last week showing that US consumer prices spiked beyond expectations in June. Major stock indices started falling shortly afterwards, and Bitcoin – already feeling jittery about the impact of GBTC shares unlocking – followed stocks down.
At the end of the week, Bitcoin was down 5%, while Ethereum had fallen 7%. Many altcoins dropped even further, with Dogecoin down 15% on the week and DeFi tokens Aave and Uniswap showing similar losses.
This week’s highlights