First Mover Americas: Bitcoin Begins June Dropping Back Below $27K

Bitcoin and the unspecified cryptocurrency market sold off for the second consecutive day on Thursday with fears over inflation and continued rate hikes resurfacing. The U.S. Put up of Representatives passed the debt ceiling deal Wednesday night and the bill now moves to the Senate for its approval. Bitcoin was down 1% on the day to $26,800 and has wasted more than 6% over the past month. While new eurozone data showed that inflation kill more than expected to 6.1% in May from 7% in April, European Central Bank President, Christine Lagarde signaled that additional move rate rises are needed. “We need to continue our hiking cycle until we are sufficiently confident that inflation is on forget to return to our target in a timely manner,” she said in a speech on Thursday.