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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid escalating US inflation fears, the cryptocurrency market experienced a sharp sell-off. According to reports, Bitcoin dropped to $58,000, its lowest in 21 months, after US PCE inflation hit a three-year high. Total crypto liquidations reached $600 million within one hour.
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Sign InThe decline reflects investors' flight to safe-haven assets, away from risk-on instruments, as expectations of continued Fed rate hikes weigh on sentiment. Market data shows Bitcoin has lost significant ground recently, with sentiment across the crypto sector turning bearish. Analysts suggest that a sustained break below $60,000 could open the door to further losses.
Bitcoin is trading near its 21-month low, with markets eyeing Fed Governor Christopher Waller's speech on June 22 for interest-rate clues. Upcoming US jobs data for June will also serve as a key catalyst for the next directional move in the cryptocurrency.