The stock market continued to plunge on Monday as inflation concerns and the prospect of more interest rate hikes drove up the value of U.S. Treasury notes, Reuters reports.
The Wall Street Journal described a “broad selloff” that left “investors with few places to shelter from the market’s tumult.” Tech, industry, energy, and even cryptocurrency were all caught in the downward spiral.
Bitcoin is down more than 50 percent from its peak of around $69,000 in November. Fortune reports that as professional investors have entered the cryptocurrency market, “prices of Bitcoin and other cryptocurrencies have increasingly begun to move in tandem with the market.”
As of Monday afternoon, the Dow Jones Industrial Average was down more than 400 points since the opening bell and more than 4,000 points since the beginning of 2022.
“Markets are continuing to re-price inflation risks as it becomes more evident that inflation is likely to be with us for longer than some people had hoped,” Chris Zaccarelli, the chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, told Reuters.