Cryptocurrency Bitcoin tumbled below the $24,000 level on Monday trading, following dismal U.S. inflation data. Meanwhile, crypto lender Celsius Network froze transfers and withdrawals.
Bitcoin was trading at $23,971 as of June 13, 8:51 a.m. EDT, down over 9.8 percent from its opening at around $26,600—its lowest level in around 18 months. The digital currency is down 19.22 percent in the past month and 50.53 percent year-to-date.
One reason for Monday’s slump was the 12-month U.S. inflation rate, which came in at 8.6 percent in May, according to data from the Bureau of Labor Statistics. This is the fastest increase in inflation since December 1981.
According to the bureau’s May consumer price index report, food prices rose by 10.1 percent and energy by 34.6 percent. Excluding food and energy, inflation rose by 6 percent….