Cryptocurrencies including Ether and Bitcoin plummeted in price as investors weighed the potential implications of a protracted period of monetary tightening.
Bitcoin (BTC) and ether (ETH) have lost their momentum over the past seven days, with each posting 6% declines as investors worried about inflation and continued monetary hawkishness.
On Friday the two largest cryptocurrencies by market capitalization plunged after the U.S. Commerce Department reported that the personal consumption expenditures (PCE) price index climbed by an unexpectedly robust 5.4% in January, offering the latest evidence that inflation remained problematic.
The PCE price index is a measure of the average change in prices of goods and services purchased by consumers.
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