U.S. markets open in 7 hours 25 minutes
  • S&P Futures

    3,858.50
    +10.25 (+0.27%)
     
  • Dow Futures

    31,090.00
    +77.00 (+0.25%)
     
  • Nasdaq Futures

    11,923.00
    +42.75 (+0.36%)
     
  • Russell 2000 Futures

    1,734.70
    +6.10 (+0.35%)
     
  • Crude Oil

    98.84
    +0.31 (+0.31%)
     
  • Gold

    1,744.30
    +7.80 (+0.45%)
     
  • Silver

    19.28
    +0.13 (+0.66%)
     
  • EUR/USD

    1.0210
    +0.0026 (+0.26%)
     
  • 10-Yr Bond

    2.9130
    0.0000 (0.00%)
     
  • Vix

    26.73
    -0.81 (-2.94%)
     
  • GBP/USD

    1.1947
    +0.0026 (+0.22%)
     
  • USD/JPY

    135.8320
    -0.0830 (-0.06%)
     
  • BTC-USD

    20,305.90
    +271.29 (+1.35%)
     
  • CMC Crypto 200

    441.56
    +6.04 (+1.39%)
     
  • FTSE 100

    7,107.77
    +82.30 (+1.17%)
     
  • Nikkei 225

    26,436.24
    +328.59 (+1.26%)
     

Inflation takes bite out of cryptos

·1 min read

Bitcoin and other cryptocurrencies continued a wide-ranging decline over the weekend following Friday's release of the latest inflation data reaching a new 40-year high.

A further decline on Sunday puts bitcoin on a six-day losing streak.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Bitcoin is trading around $27,000, down more than 4% for the week and nearly 24% for the past 12 months.

Ether also fell on Sunday, declining as much as 5% to around $1,400. Ether is down more than 14% in the past week and more than 35% in a year.

INFLATION HITS FRESH 40-YEAR HIGH IN MAY WITH CONSUMER PRICES SURGING 8.6%

The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.

Price increases were widespread: Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year. Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April.

GAS PRICES SET NEW RECORD SUNDAY MORNING

The price of a gallon of regular gasoline hit an historic milestone over the weekend and continues to move higher.

CLICK HERE TO READ MORE ON FOX BUSINESS

The price on Sunday morning rose to $5.01, according to AAA.

Gas hit the $5 mark on Saturday morning for the first time ever as part of a record setting run.