The cryptocurrency market downturn persisted on Thursday as concerns regarding escalating inflation and the possibility of further interest rate hikes dampened investor confidence.
Ethereum tumbled to an intraday low of $1,531, while XRP and Dogecoin also saw their losses deepen.
Shares tied to the cryptocurrency sector also faced significant pressure, with MicroStrategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) finishing the session down 9.44% and 4.99%, respectively.
More than $890 million was wiped out from the crypto market over the previous 24 hours, with traders holding long positions suffering the majority of the losses.
Stocks Sink Lower As Inflation Worries Mount
Major market indexes finished lower on Thursday. The S&P 500 slipped 0.01% to 7,357.49, while the tech-heavy Nasdaq Composite retreated 0.46% to close at 25,358.60. Conversely, the Dow Jones Industrial Average defied the downward trend, climbing 71.72 points, or 0.14%, to end the day at 51,920.62.
The headline Personal Consumption Expenditure price index, which serves as the <a s primary inflation gauge, reached a three-year high.
