Crypto markets lost some 12% in the past 24 hours amid a weak macroeconomic sentiment and systemic risk from within. Bitcoin slid 13% to under $25,000, its lowest in 18 months while ether (ETH) lost 18%. Dogecoin (DOGE) fell some 21%, and Solana’s SOL, Polkadot’S DOT, and XRP fell at least 16%.

weakness in cryptocurrencies came amid poor U.S. Consumer Price Index data for May released last week. This suggests that the plunge was led by spot selling. Such analysis led to a rout in global assets on Monday, with Asian stock indices ending the day 3.39% lower.

Technology-heavy Nasdaq 100 sunk 2.95% since Monday’s open, while S&P500 fell 2.33%. Traders said they expect crypto prices to continue to fall until market conditions improve. “We could be facing even more severe losses moving forward. Economic growth is clearly slowing,” said Manuel Ortiz-Olave, co-founder at equity tokens firm Brickken.

“Some of the most important companies in the world like Apple [AAPL], Microsoft [MSFT] or Nike [NKE] have already reported slowdowns in sales, and Tesla [TSLA] has indicated that layoffs will come soon,” he said. “Higher inflation will continue forcing higher interest rates, and higher interest Rates are also negative for economic growth.”
Posted by RU rumbleshark
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