Bitcoin and Ethereum continued to fall Monday, mirroring wider global markets, as investors dump riskier assets following the spike in US inflation revealed last week.
Bitcoin plummeted 8.2% to US$25,233 while Ethereum fell 9.5% to US$1,320.
US inflation for May surged to 8.6% on Friday, its highest level since 1981.
“The S&P500 took an ugly dive after the US CPI data revived hawkish Fed expectations," Ipek Ozkardeskaya, Swissquote senior analyst, said.
“The index lost near 2.90% on Friday, as Nasdaq lost more than 3.5% - Bitcoin tumbled to $25K.
The leading coin gave up 19% in the last week, while Ethereum retreated 30% in what’s been a torrid 7 days for digital currencies.
“The weekend's price action was brutal for cryptos and today's price action isn't encouraging either,” Naeem Aslam, Avatrade chief market analyst, said. “The BTC price has retested the 25K support level and we will likely see the price falling towards the 20K critical price.”
The sourness echoed around much of the crypto market, with 99 of the leading 100 coins changing hands in negative territory.
Amongst the top 10, Solana and Dogecoin were the standout fallers, having retreated 13% and 11%.
Meanwhile, further down the pecking order, Avalanche, Nexo and Curve DAO Token plunged 14%, 19% and 20% respectively.
UNUS SED LEO was the only digital currency to buck the trend but was up a mere 0.1%.