Bitcoin Price Today Falls Most Since June Plunge; Ether Slumps Before Merge | Tech News

Bitcoin Price Today Falls Most Since June Plunge; Ether Slumps Before Merge

Bitcoin tumbled more than 10%, the biggest decline since cryptocurrencies plunged in June, as the broad-based selloff in financial markets spilled over into the digital-asset sector.

By:BLOOMBERG
| Updated on: Sep 14 2022, 21:34 IST
Bitcoin
Bitcoin fell as much as 11% to $20,056, the biggest intraday decline since the largest cryptocurrency by market value fell 15% on June 18. (REUTERS)

Bitcoin tumbled more than 10%, the biggest decline since cryptocurrencies plunged in June, as the broad-based selloff in financial markets spilled over into the digital-asset sector.

Ether fell almost 9% to $1,571 even as its underlying Ethereum network is poised for a long-anticipated energy-saving software upgrade. Tether, the largest so-called stablecoin, is the most traded token on Tuesday as investors seek shelter from the sector's volatility. Other stablecoins such as Binance USD and USD Coin also saw a jump in volume.

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US stocks fell and Treasury yields spiked higher after hotter-than-expected inflation data fueled bets on a jumbo hike by the Federal Reserve next week.

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“Today's dump in the crypto markets is all about the US CPI,” said Teong Hng, chief executive at crypto investment firm Satori Research.

Bitcoin fell as much as 11% to $20,056, the biggest intraday decline since the largest cryptocurrency by market value fell 15% on June 18 in the wake of the collapse of crypto lender Celsius. Bitcoin is down about 56% this year.

Ether-based investment products saw outflows of about $62 million last week, accounting for the bulk of the cash pulled from digital-asset vehicles, according to data from CoinShares.

In the derivatives market, more crypto traders are shorting Ether ahead of Ethereum's biggest technical upgrade.

“The ETH merge has been a non-event today,” said Kevin March, founder of Floating Point Group, a crypto trading platform provider.

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First Published Date: 14 Sep, 21:34 IST
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