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Bitcoin Breaks Below $30,000 After Hotter-Than-Expected CPI Data

Cryptocurrency May 11, 2022 23:26
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(Bloomberg) --

Bitcoin fell below $30,000 and touched its lowest since June after an inflation report came in hotter than expected.

The world’s largest cryptocurrency by market value fell more than 6% at one point Wednesday to trade at $29,085, nearly an 11-month low. Analysts had been watching the $30,000 as a key threshold, with many projecting that losses could accelerate once the coin falls below it. 

The TerraUSD algorithmic stablecoin continued to spiral lower, trading at less then 30 cents. Backers of the coin are trying to raise about $1.5 billion to shore up the token after it crashed from its dollar peg, according to the founder of a firm that was approached about the deal.  

Other cryptocurrencies also fell, with Bitcoin Cash losing more than 11% and Dash dropping nearly 16%.

The drop came after data showed US consumer prices rose by more than forecast in April, indicating inflation will persist at elevated levels for longer. The data point also suggests the Federal Reserve will stay on its path of aggressive interest-rate hikes. 

©2022 Bloomberg L.P.

   

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Bitcoin Breaks Below $30,000 After Hotter-Than-Expected CPI Data
 

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