Inflation takes bite out of cryptos
inflation takes bite out of cryptos

Inflation takes bite out of cryptos


Financial experts Jim Paulsen, Brian Wesbury and Michelle Girard reflect on how consumers are struggling with record-high inflation on ‘Making Money.’

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.

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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.

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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.

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