Bitcoin rally falters as inflation fears weigh on crypto assets

Author: Monitoring Desk

Bitcoin, fresh off its biggest-ever monthly decline, whipsawed traders with wild swings on Friday as digital assets struggle to regain their footing. The largest token rallied as much as 11.3% in Asia on Friday, briefly closing in on the $21,000 level. Bitcoin then quickly gave up most of those gains, trading around $19,400 at 11:30 a.m. in London. June’s 41% drop was the steepest in Bloomberg data going back to 2010. Bitcoin’s gyrations underscore the uncertainty looming over cryptocurrencies as investors struggle to assess how far central banks will go to tame rampant inflation. Adding to the confusion, major crypto players ranging from hedge fund Three Arrows Capital to lender Celsius Network have been thrown into disarray by the market selloff, raising the prospect of further contagion.

Share
Leave a Comment

Recent Posts

  • Op-Ed

Brink of Catastrophe

The world today teeters on the edge of catastrophe, consumed by a series of interconnected…

10 hours ago
  • Uncategorized

Commitment of the Pak Army

Recent terrorist attacks in the country indicate that these ruthless elements have not been completely…

10 hours ago
  • Op-Ed

Transforming Population into Economic Growth Drivers

One of Pakistan's most pressing challenges is its rapidly growing population, with an alarming average…

10 hours ago
  • Uncategorized

Challenges Meet Chances

Pakistan's economy is rewriting its story. From turbulent times to promising horizons, the country is…

10 hours ago
  • Editorial

Smogged Cities

After a four-day respite, Lahore, alongside other cities in Punjab, faces again the comeback of…

10 hours ago
  • Editorial

Harm or Harness?

The Australian government's proposal to ban social media for citizens under 16 has its merits…

10 hours ago