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Bangkok Post
Bangkok Post
Business

Cryptocurrency values gashed in massive sell-off

Cryptocurrency US Federal Reserve Bitcoin Inflation United States
Souvenir tokens representing Bitcoin and Ethereum cryptocurrencies plunge into water in this illustration taken May 17, 2022. (Photo: Reuters)

Cryptocurrencies and global stocks fell sharply on Monday as investors expect the Federal Reserve to implement sharper rate hikes at its June meeting after US inflation hit 8.6% in May.

The cryptocurrency market has recorded severe declines several days in a row and was down 11.6% over 24 hours as of 4.40pm on Monday.

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