Cryptocurrencies
Bitcoin Dips Below $40,000 as Inflation Data Boost Risk-Off Mood
- Gains from executor order on digital currencies nearly erased
- Crypto follows stocks lower as inflation jumps to 40-year high
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Bitcoin dropped back below $40,000, erasing nearly all gains sparked by optimism about U.S. President Joe Biden’s executive order on crypto, as digital currencies fell with stocks Thursday amid high inflation data and continued geopolitical uncertainty.
The largest cryptocurrency declined as much as 7.9% to $38,582 on Thursday, falling for the first time in three days. Ether fell as much as 5.7% to $2,553. Most of the top cryptocurrencies were down at least slightly in the 24 hours prior to 9:30 a.m. New York time, according to pricing from CoinGecko.