Bitcoin and cryptocurrencies continue to decline
The price of Bitcoin and other cryptocurrencies continued to slide as investors feared about US interest rate policy.
The value of one bitcoin was $27,464 on the Bitstamp trading platform on Sunday afternoon, down 3% from the day before.
Bitcoin has already fallen 9% in value since US inflation data was published last Friday.
The price of the currency fell to near its lowest level since the end of 2020, when it reached 25 thousand and 400 dollars in mid-May.
Ethereum, the second largest cryptocurrency, has also come under pressure over the past few days.
The already high rate of inflation rose unexpectedly and even more in May, reaching its highest level in 40 years.
Consumer prices rose by 8.6% compared to the same month last year, a new blow to the troubled financial markets.
In Germany, the DAX lost more than 3% on Friday and Wall Street saw similar losses.
Investors fear that high inflation rates in many parts of the world will undermine consumption, as citizens are forced to spend more money on food, electricity and housing.
Meanwhile, bond market yields continued to rise.
On Friday, the yield on US 10-year government bonds reached their highest level since the end of 2018.
Follow our latest local and sports news and the latest political and economic developments via Google news