Crypto crash: Bitcoin falls to 18-month low, ether, other cryptocurrency prices today also plunge

Bitcoin price continued its selloff as part of broader declines in cryptocurrencies after a sharp rise in US inflation triggered risk-off sentiment. The world’s largest digital token tumbled as much as 7% to $25,366, at 18-month low. The most popular crypto is down more than 43% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell nearly 8% at its 15-month low to $1,340. Meanwhile, dogecoin price today was also trading almost flat at $0.07 whereas Shiba Inu also up 0.2% to $0.000011. The global cryptocurrency market cap today is $1.08 trillion, down more than 8% in the last 24 hours.

Other crypto prices’ today performance also tumbled as Stellar, Uniswap, XRP, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin prices were trading with cuts of as much as 15% over the last 24 hours.

Traders are boosting bets for a more aggressive pace of Federal Reserve tightening after data Friday showed US inflation jumped to a fresh 40-year high in May, reported Bloomberg, which triggered a selloff in risk assets including crypto and stocks. Cryptocurrency prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation.

There is a high probability that bitcoin’s global adoption will grow significantly in the future and will hit 10% by 2030, according to a report by Blockware Solutions, a blockchain infrastructure and bitcoin mining company. The report estimates that about 0.36% of the global population is currently using the bitcoin network.

Blockware Solutions believes that bitcoin adoption will reach saturation quicker than many of the technologies such as internet, smartphones, social media automobiles, landline, electric power, cellular phone, radio, and tablet.

(With inputs from agencies)

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