Cryptocurrency Pares Loss Due to US Inflation Data

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Cryptocurrency Pares Loss Due to US Inflation Data

Bitcoin and other cryptocurrencies have suffered in recent months as the Federal Reserve hikes rates and global policy makers step up efforts to combat price increases, and as risk assets like tech stocks retreat.

Story Highlights

  • Almost all of the top tokens tracked by Bloomberg were down on Sunday, with Dogecoin and Avalanche losing as much as 9.4% and 13%, respectively. They subsequently showed signs of life, recovering from their lows as of 11:45 a.m. in New York on Sunday — and Ether even temporarily returned to positive territory for the day.