Bitcoin Tanks 8%, Ethereum Follows With 21% Plunge

Bitcoin: Most major cryptocurrencies plunged on Wednesday as bears continue to push prices lower. Barring US dollar pegged coins, the top 10 traded cryptocurrencies were down up to 25 per cent in the last 24 hours.

Bitcoin Tanks 8%, Ethereum 21% Plunge

Bitcoin was down 8 per cent while Ethereum tanked 21 per cent. Binance Coin, XRP and Cardano were also down in double digits. Interestingly, the sell-off happened at a relatively higher volume, meaning this trend may continue for some time, said analysts.

“The markets are currently dragged down by bears. Although this was not a major panic selling session, the momentum prevailing across the markets is pretty bearish. Bitcoin is toying with the $33,000 level. ETH fell below the $2,000 mark creating a sense of scare across altcoins. This sort of volatility can be expected to continue throughout the week,” said Edul Patel, CEO and co-founder of Mudrex.

Bitcoin Tanks 8%

Selling, though, was not just contained in the crypto market but equities across the world were also under pressure. The major reason behind this is the more than expected rise in inflation in the US, which pushed yields and US dollar higher. The US consumer price index jumped 0.9% in June, the Labor Department said on Tuesday. That was above market expectations and the largest gain since June 2008.

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