Analyst: The concern about long-term inflation triggered by macroeconomic data has led to a decline in the prices of Bitcoin and Ethereum
According to The Block, Presto Research analyst Min Jung stated that due to macroeconomic concerns about persistent inflation, markets including stocks are showing weakness. Not only cryptocurrencies, but also the Nasdaq index and the S&P 500 index fell by more than 1% yesterday, mainly because ISM data showed that US economic growth was faster than expected, which triggered ongoing concerns about inflation and led to a surge in bond yields. The yield on 10-year Treasury bonds reached its highest level since April.
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