Cryptocurrency price

Ethereum Cryptocurrency Price Falls to Low in Over a Year

The price of the world’s second largest cryptocurrency, Ethereum, fell during trading on June 12 to a low in more than a year – since March 2021, Bloomberg wrote.

Over the past 24 hours, Ethereum prices have fallen to $1,436.18, according to data from exchange Coinmarketcap. This afternoon, the cryptocurrency was worth around $1,460, which is 7.8% less than the previous day. Ethereum’s capitalization was $176.8 billion.

The largest cryptocurrency by capitalization, bitcoin, fell in price on June 12 to its lowest level since May 12, Bloomberg noted. According to Coinmarketcap, the price of bitcoin fell to $27,266, and this afternoon it was trading at $27,394, 5% lower than the previous day. Capitalization was $522.2 billion. The Dogecoin cryptocurrency, which Tesla CEO Elon Musk loves, fell more than 11.5% cheaper, and Shiba Inu, another meme cryptocurrency, fell more than 10%.

Bloomberg calls one of the reasons for the fall in the cryptocurrency market new statistics on inflation in the United States, which turned out to be higher than expected. According to the US Federal Bureau of Labor Statistics, the consumer price index in May was 8.6% higher than in May 2021. This is the highest in more than 40 years – since 1981. Core inflation excluding food and energy increased by 6%.

Additionally, the cryptocurrency market is being negatively affected by monetary policy tightening by central banks around the world, according to Bloomberg.

Nearly 30% of the richest people in the world invest directly or indirectly in cryptocurrencies, and this share is higher than among non-billionaire investors, a survey by American Forbes showed. Nearly one in five of the 65 billionaires surveyed said they have at least 1% of their wealth in cryptocurrencies. 80% of billionaires who have invested in cryptocurrency said they invested less than a tenth of their wealth in it, writes Forbes.