- Cryptocurrencies have fallen to a 14-month low on Sunday, June 12, 2022 as Ethereum and bitcoin saw investors' sell-off
- Ether plummeted by 5 per cent to $1,440 which is its lowest level since March 2021, and Bitcoin fell to $27,000
- This was triggered by a high inflation in the US which hit a 40-year high and saw investors of other stocks selling off
As US inflation hits a new 40-year high, Bitcoin and Ether fell on Sunday, June 12, 2022, as they joined a wider crypto sell-offs which saw investors go into panic mode.
Nairametrics report says Ether went down to as much as 5 per cent to $1,440 which is its lowest level since March 2021, while Bitcoin fell to $27,000, also its lowest in one month.
High interest rate triggers massive sell-off
Other crypto assets were also in the red including Cardano, OMG, XRP and Avalanche.
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Major cryptos like bitcoin have suffered recently as the US Federal Reserve raised interest rates and global policymakers increased measures to curtail price increases and other risk assets like tech stocks also seeing declines.
Last week, bitcoin began a losing streak after a few briefs and failed to hit the $32,000 price target.
On Friday, when the US inflation statistics were released, there was a change of 8.6 per cent decline by Bitcoin when it dropped to $29,000.
Bitcoin falling faster than expected
However, Bitcoin began to plummet earlier on Sunday, June 12, 2022, this came to a head when it fell to $27,200 (on the FTX exchange), the lowest price in a month.
According to Coinglass data, total long crypto liquidations were above $100 million for the third day in a row on Sunday, after $258 million on Friday and $290 million on Saturday.
Man who makes N6m monthly from bitcoin reveals how to make money without buying Bitcoin
Legit.ng reported that Emmanuel Akpa is a father who began trading in bitcoin after he lost his construction job.
According to him, the loss of his job threw him off balance and he began to research how to make money and take care of his family after unsuccessfully looking for a job, he told Daily News.
He began trading in Bitcoin in 2017. At first, Akpa said he was afraid as he did not know how he could make money from Bitcoin without in-depth computer skills or a degree in finances.