Bitcoin drops below $27,000 level as crypto sell-off continues (CNBC)
Cryptocurrencies fell with stocks after the Bureau of Labor Statistics reported consumer prices for the month of April jumped 8.3%, which was slightly higher than expected by economists polled by Dow Jones. That spooked investors, leading them to exit risk assets including crypto. Cryptocurrencies remain highly correlated with the S&P 500 and, more recently, the Nasdaq Composite.- UST, a so-called stablecoin that’s meant to maintain a $1 peg, plunged to as low as 26 cents Wednesday.
- Sister token luna has lost roughly 96% of its value in the past seven days
- Terra creator Do Kwon announced a last-ditch effort to return UST to its $1 peg.
