Modelling A.I. in Economics

Bitcoin Crashes Below $27,000 as Investors Flee Risky Assets


  • Bitcoin dipped under US$27,000 on June 1, 2023.
  • Ether fell back below US$1,900.
  • Litecoin gained.

The price of Bitcoin fell below US$27,000 on June 1, 2023, as investors continued to sell off riskier assets amid rising inflation and interest rates. The world's largest cryptocurrency by market capitalization was trading at US$26,878 as of 7:10 a.m. in Hong Kong, according to data from CoinMarketCap. Ether, the second-largest cryptocurrency, fell back below US$1,900 to trade at US$1,866. Most other top 10 non-stablecoin cryptocurrencies traded flat to lower in the past 24 hours, while Litecoin bucked that trend to gain 5.11% to US$94.41.


The sell-off in Bitcoin and other cryptocurrencies comes as investors are increasingly worried about the impact of rising inflation and interest rates on the global economy. The Federal Reserve is expected to raise interest rates several more times this year in an effort to combat inflation, which could lead to slower economic growth and higher unemployment. This could make investors more risk-averse and could lead to further selling pressure in the cryptocurrency market.

The recent sell-off in Bitcoin and other cryptocurrencies is a reminder of the risks associated with these assets. Investors should carefully consider their investment goals and risk tolerance before investing in cryptocurrencies.

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