Fresh crypto market crash

Welcome to Monday, readers — I'm Phil Rosen. Things are looking shaky and bleak across crypto markets. Bitcoin is at its lowest level since late 2020, and a bevy of other tokens are trading well in the red too. 

This post has been updated to reflect breaking news.

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1. Bitcoin fell below $24,000 Monday, after fresh inflation concerns had investors fearing that the Federal Reserve could act more aggressively to control soaring prices. 

Bitcoin's fall was part of a wider crypto market selloff. In the last 24 hours, ethereum has also cratered almost 18% to $1,205, according to CoinDesk data. 

But it is not just rising inflation spooking crypto investors. One of the largest crypto lenders, Celsius Network, announced Sunday it was pausing all customer withdrawals.

"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts," Celsius said in a statement.

The news exacerbated the decline of cryptocurrencies, and prompted the price of the Celsius token to fall as much as 60%.  

"Perhaps the biggest carnage has been in the crypto space which is on the verge of a reckoning now that the gloves are off around global inflation and the realities of a new world where fixed interest actually pays a yield – albeit one still deeply negative in real terms," said a senior market analyst at OANDA.

Here's the latest.

In other news:

2. The 28-year-old crypto CEO who "inspires" Jack Dorsey broke down his analysis of bitcoin. Prior to Bitcoin's plunge over the weekend, Jack Mallers, the CEO of Strike, cited a specific equation as part of why there's hope for the world's biggest crypto by market cap. Here's why investors should still be bullish even as bitcoin falters. 

3. The CEO of this classic Berkshire Hathaway business explained why Warren Buffett's backing gives him an edge over rivals. The furniture-rental company's leader offered a rare glimpse inside a Buffett conglomerate — and explained why he isn't stressing about the next recession. 

4. There's no question that the economy has peaked, according to a research-firm head who used to be Morgan Stanley's equity strategy chief. Adam Parker, who founded Trivariate Research, said investors should buy stocks in these four economically sensitive industries right now.

5. Americans have never felt this bad about the economy. The University of Michigan consumer sentiment index cratered from 58.4 to 50.2 in an early June reading. That marks the lowest level since regular data collection began in the 1970s.

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This newsletter was curated by Phil Rosen. Thoughts or questions? Sound off in the comments section below.