India, June 10 -- Cryptocurrencies plunged heavily in the past 24 hours amidst growing fears of a hawkish monetary policy outlook from the Fed in response to persisting price pressures in the U.S. economy. Consumer price inflation readings for the month of May are due to be released on Wednesday morning. The fresh flare-up in the Middle East also weighed on sentiment.
Bitcoin traded between $62,856 and $60,757 in the past 24 hours. Overall crypto market capitalization has declined more than 2 percent during the same period.
The overnight plunge in overall crypto market capitalization comes amidst renewed tensions in the Middle East after the U.S. and Iran exchanged strikes. Markets assessed the resultant decline in crude oil prices, the d...