Bitcoin Drops as Much as 7.5% in Deepening Crypto Sector Selloff
A sign for Bitcoin outside a cryptocurrency automated teller machine (ATM) kiosk in Bucharest, Romania, on Tuesday, May 31, 2022. Cryptocurrencies re-established their tendency to trade in tandem with equities after divergence last week sparked concerns that investors would continue dumping digital tokens even amid a revival in demand for other risk assets. Photographer: Andrei Pungovschi/Bloomberg
, Bloomberg
Sunil Jagtiani, Bloomberg News
(Bloomberg) -- Bitcoin extended declines on Tuesday as investor sentiment took another leg down over fears that bigger Federal Reserve interest-rate hikes loom to quell inflation.
The world’s largest digital token shed as much as 7.5% to reach $21,472, the lowest level since December 2020. A range of other tokens from Ether to Avalanche were also nursing losses.
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