Bitcoin plunged to the lowest in about 18 months in Asia trading on Monday as the impact of Friday’s shock US inflation data continued to reverberate through global risk assets.
The world’s largest digital token tumbled as much as 9% to below the US$25,000 level — its lowest since December 2020. Other cryptocurrencies also declined as a broader selloff continued.
Traders are boosting bets for a more aggressive pace of US Federal Reserve tightening after data on Friday showed US inflation jumped to a fresh 40-year high in May. That triggered a selloff in risk assets including cryptocurrencies and equities.