Major coins crashed sharply with Ethereum down more than 10% as the global cryptocurrency market cap dropped 10.25% to $1.3 trillion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
-6%
-26%
$29,335.91
Ethereum (CRYPTO: ETH)
-10.8%%
-28.5%
$2,103.63
Dogecoin (CRYPTO: DOGE)
-21.56%
-36.5%
$0.09
Top 24-Hour Losers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Terra (LUNA)
-94.05%
$1.09
Fantom (FTM)
-42.44%
$0.31
Gala (GALA)
-39.04%
$0.068
See Also: How To Get Free NFTs
Why It Matters: On Wednesday, the Labor Department reported an 8.3% rise in the consumer price index in April — an indication that inflation remains hot and near 40-year highs. However, the number moderated from the 8.5% reported in March.
On Wednesday, the yield on 10-year Treasury notes rose 3.1 basis points to 3.025%, while the 2-year paper, an indicator of the Federal Reserve’s rate outlook, hit a three-year high of 2.858%, according to a Reuters report.
Risk assets flashed red after the inflation report with the S&P 500 and NASDAQ down 1.65% and 3.2%, respectively, on Wednesday. At press time, U.S. stock futures rose slightly. Bitcoin traded below the …
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