(Kitco News) The crypto space saw another sudden crash over the weekend as Bitcoin and Ethereum posted significant losses, eroding future price outlooks.
Bitcoin was below $28,000 on Sunday, down 6% during the last week. And Ethereum witnessed even bigger losses, touching a low of $1,433 — the lowest level in about a year and a half — and now trading down 15.6% on the week.
The key macro driver hurting the crypto space, which has largely been trading like a risk-on asset, was another hot inflation release. In May, inflation ran at an annual pace of 8.6% in the U.S. — a fresh 40-year high — versus the expected 8.3%.
In response to the inflation data, Mohamed El-Erian, chief economic advisor at Allianz, told CNBC that the Federal Reserve would have to get even more aggressive with rate hikes.
"He needs to regain control of the inflation narrative ... now he's losing total control," El-Erian said, referring to the Fed Chair Jerome Powell. "He's got to move because, if he doesn't, he's...
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