Exchange-traded funds focused on bitcoin were sliding sharply around midday Tuesday in a broad stock-market slump sparked by an inflation reading for August that was hotter than forecast. The ProShares Bitcoin Strategy ETF was down more than 7% around midday, while the VanEck Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF were also sliding more than 7%, FactSet data show, at last check. While some bitcoin supporters viewed the cryptocurrency as an inflation hedge, its prices have cratered as the cost of living has soared in 2022. Bitcoin was down around 7% at about $20,747 around midday, with losses so far this year of around 55%, FactSet data show, at last check. Meanwhile, the ICE U.S. Dollar index , a gauge of the dollar’s strength against a basket of rivals, jumped around 1.1%.
-Christine Idzelis
(END) Dow Jones Newswires
09-13-22 1230ET
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