Cryptos extend losses, Bitcoin sinks over 5%
The cryptocurrency market experienced a new sell-off on Thursday, with Bitcoin nearing $19,000 as investors continued to share concerns related to macroeconomic issues that have been hurting crypto companies.
Inflation figures across the western world remained the biggest challenge for monetary authorities, which increased the pace of interest rate hikes in an effort to curb soaring consumer prices.
In the last 24 hours, Bitcoin plunged by 5.46% to sell for $19,095 at 5:52 am ET, while Ether sank 9.53% to $1,024. Bitcoin lost nearly 60% of its value since the start of the year, while Ether saw losses of over 70%.