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Second Cryptocurrency Crash In 2022

While the first crypto crash was arguably brought about by the depegging of UST from its $1 value, this second crypto crash is largely macroeconomic.

The Consumer Price Index (CPI) put expansion at 8.6% in May following a report a week ago.

This spooked all business sectors, with the Dow Jones Industrial Average falling 900 points and the S&P500 entering a bear market.

The Nasdaq composite also fell 4.68% because of  inflation being at its most highest level starting around 1981.

Monday, June 13, saw the Bitcoin cost breakdown from $27,000 to $22,000. Bitcoin price losses continued into June & June 15 with Bitcoin trading at a low of $22,180 today.

As a knock on impact of falling crypto costs, the lending and staking network Celsius froze more than $11 billion in resources on Monday.

On Tuesday, the United States' biggest crypto exchanging stage Coinbase reported it was laying off 18% of its full-time staff.

The bearish crypto news joined with negative economic situations is the reason crypto is crashing in June 2022.

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