Cryptocurrencies
Crypto Pares Losses From Decline Fueled by US Inflation Data
- Ether hits lowest level in over a year before recovering
- Broad crypto index drops to levels not seen since January 2021
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Bitcoin and Ether pared losses, after falling earlier on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high.
Ether declined as much as 6.4% to $1,424.40, its lowest level since March 2021, while Bitcoin dropped to as low as $26,876.51, its lowest since May 12. Virtually all top tokens tracked by Bloomberg were down Sunday, with the likes of Dogecoin and Avalanche falling as much as 9.4% and 13% respectively. But they then showed some signs of life, rallying off their lows as of 11:45 a.m. Sunday in New York -- and Ether even briefly made its way back to positive territory for the day.