The crypto market has dropped significantly after the release of CPI report that indicates a 40-year-high of 8.6% in U.S. inflation in May.
The market has remained relatively steady earlier in the week. After the CPI report, Bitcoin plummeted by roughly 10% to $27k level and Ethereum by over 20% to a one-year-low of below $1,500 in the space of three days.
Terra 2.0 (LUNA) has plunged to below $2 on Thursday, down more than 80% since it managed to recover to the $10 level on May 30. SEC investigation on Do Kwon about the allegation that he has been operating shadow wallets and loss of investors’ confidence seem to be some of the factors driving the sell-off.
