The deepening rout in cryptocurrencies pushed the price of bitcoin down by almost a fifth to its lowest level since 2020, as part of a broader market selloff fanned by concerns about rising U.S. interest rates.
Digital currencies fell Monday after a fresh inflation shock heightened investors’ fears that the Federal Reserve might act more aggressively to tame surging prices. Bitcoin dropped 18% from its Friday evening level to trade at $23,824. Ethereum, another cryptocurrency, fell 27% to $1,222, according to CoinDesk.
