Bitcoin and other major cryptocurrencies plunged on Thursday amid worsening inflation numbers and a vote by the European Union on crypto legislation that the industry viewed unfavorably.
Major cryptos' performances dovetailed with those of equity markets. The tech-heavy Nasdaq, S&P 500 and Dow Jones Industrial Average were all down 1.5%. Traditional safe havens such as gold and the U.S. dollar rose, while the 10-year Treasury yield continued to decline from Tuesday's high of 2.5%, as CoinDesk reported.
Some crypto traders watch inflation readings closely because the bitcoin market sometimes moves after economic indicators are released. Some investors hold bitcoin as a protection against inflation. The report also showed that consumer spending slowed to 0.2%, from 2.7% in January. Bitcoin at least initially did not react to the news.
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