Cryptocurrencies, which trade 24 hours, are tracking deep losses for Wall Street following Friday’s data that showed U.S. inflation rose 1% in May, well above the 0.7% monthly rise forecast by economists surveyed by The Wall Street Journal. The annual rate rose 8.6%, topping the 40-year high of 8.5% seen in March. The Dow industrials DJIA, -2.73%, S&P 500 SPX, -2.91%, Nasdaq Composite COMP, -3.52% suffered the biggest weekly losses since January. The Dow tumbled 880 points on Friday.
Investors are worried that inflationary pressures will trigger more aggressive action by the Federal Reserve, which meets next week.
Losses swept across perceived riskier assets, with cryptocurrencies falling Friday as well. From Sunday’s price of just over $27,000, bitcoin has dropped close to 60% from a November 2021 high. #Cryptocrash and #bitcoincrash were trending on Twitter.
Read: Stocks sink again as hot inflation reading triggers market shock waves: What investors need to know
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