Why Bitcoin, Ethereum, and Dogecoin Are Falling Today
Shares of many cryptocurrencies continued their plunge downward this week, as inflation continues to stay hot and because of other more specific crypto news.
Shares of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), had fallen close to 2% as of 2:43 p.m. ET today and traded at around $28,660. The price of Ethereum (CRYPTO: ETH) had fallen more than 8%, and the price of meme token Dogecoin (CRYPTO: DOGE) was down more than 6%.
The stock market and cryptocurrencies sank Friday, after a key gauge of inflation came in hotter than expected. The latest data from the Consumer Price Index (CPI), which tracks a basket of daily goods and services, shows that prices rose 8.6% in May on a year-over-year basis. Economists had been predicting only an 8.3% rise, and the new data shows that inflation may not have peaked yet.
Source Fool.com
