Bitcoin Sinks Below $25,000 To Hit 18-month Low Mark, Other Crypto Coins Too Join Bloodbath

Bitcoin plunged to its lowest mark in about 18 months during early morning Asia trading today as the impact of Friday¡¯s shock US inflation data continued to reverberate through global risk assets, as per Bloomberg.

The world¡¯s largest digital token Bitcoin reportedly tumbled as much as 8.9% to $24,903.49, its lowest since December 2020. Other cryptocurrencies also declined as a broader sell-off continued. The MVIS CryptoCompare Digital Assets 100 Index, which measures 100 of the top tokens, dropped as much as 9.7%, the report stated.

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A more aggressive pace of Federal Reserve tightening is being expected by traders after Friday data showed US inflation jumped to a fresh 40-year high in May 2022. Cryptocurrencies, which have struggled amid the Fed¡¯s policy in recent months, have been hit particularly hard.

The collapse of the Terra/Luna ecosystem last month, and one of the biggest crypto lenders Celsius pausing withdrawals Monday morning (Asia time), have further reportedly eroded confidence in the crypto space.

And this crypto bleeding is not the only pain point for investors. Even stock markets have been bleeding heavily. After falling heavily last week, Nifty50 is already down by more than 400 points today, and the Sensex is down over 1400 points (at the time of writing this report). US stock exchange index Dow Jones Industrial Average too bled last Friday, closing at over 800 points down.

Over $500 Million Liquidated In 24 Hours

As per a Crypto Potato report, the adverse price developments in the cryptocurrency space intensified in the past 24 hours, with new weekly, monthly, and even yearly lows registered from many altcoins. The daily crypto liquidations have reportedly shot up above $500 million.

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Also Read: From $1.6Bn To Just $2,200: Binance's Billionaire CEO Says He's 'Poor Again' After Terra Luna Crash

Besides bitcoin falling to an 18-month low, double-digit losses were reportedly seen in almost all alternative coins. Ethereum witnessed a massive 14% daily drop. The second-largest cryptocurrency is down to $1,450, meaning that it has lost over $500 in days, as per Crypto Potato.

The report further stated that BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and many others have seen double-digit price declines. Total liquidations are way above $500 million on a daily scale and $200 million in the past 12 hours, as per the report.

Also Read: This Crypto Coin's Price Soared Over 500% in Just 24 Hours Amid Bitcoin Downfall

(h/t: Bloomberg)

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