Bitcoin fell below $30000, hitting its lowest level since June last year after higher than expected inflation data from the United States. The world's largest cryptocurrency by market value fell more than 6% on Wednesday to $29085, a near 11 month low. Analysts have always regarded $30000 as an important threshold, and many expect that once it falls below, its decline may accelerate.
Terrausd, an algorithmic stable currency, continued to spiral down at less than 30 cents. According to a company founder contacted by relevant parties, after the stable currency fell below its parity with the US dollar, its supporters are trying to raise about $1.5 billion to support the cryptocurrency.
Other cryptocurrencies also fell, with bitcoin cash down more than 11% and dash down nearly 16%.
Data released on Wednesday showed that US consumer prices rose more than expected in April, indicating that inflation will remain high for a longer time. The data also means that the Fed will maintain its policy path of aggressive interest rate hikes.