Bitcoin Rally Falters as Inflation Fears Weigh on Crypto Assets

Largest token briefly closed in on $21,000 before falling back
El Salvador’s president said the nation bought 80 Bitcoins

A cryptocurrency automated teller machine (ATM) kiosk in Antwerp.
Photographer: Valeria Mongelli/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Suvashree Ghosh and Sidhartha Shukla

July 1, 2022 at 12:09 AM UTC

Updated on

July 1, 2022 at 10:38 AM UTC

This article is for subscribers only.

Bitcoin, fresh off its biggest-ever monthly decline, whipsawed traders with wild swings on Friday as digital assets struggle to regain their footing.

The largest token rallied as much as 11.3% in Asia on Friday, briefly closing in on the $21,000 level. Bitcoin then quickly gave up most of those gains, trading around $19,400 at 11:30 a.m. in London. June’s 41% drop was the steepest in Bloomberg data going back to 2010.