The US consumer price index, a comprehensive indicator of prices for goods and services used in daily life, increased to 9.1% over the previous year. The traditional and cryptocurrency markets have collapsed as a result of this announcement. Prices for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), fell by almost 5%. It didn\u2019t plummet as much, though, as was expected.<\/p>\n
Ethereum Fall To Inflation<\/p>\n
At the time of the CPI report, the price of the second-largest cryptocurrency fell as low as $1,019 per unit. Before the announcement, the price of ETH was fluctuating about $1,089 USD. It has managed to bounce back from the inceptive slump.<\/p>\n
The price of ethereum has decreased over the past 30 days by about 15%. At the time of publication, the average price of ETH is $1,037.<\/p>\n\n
ETH\/USD hovers close to $1k. Source: TradingView<\/p>\n
The data show that the price of bitcoin decreased to trade below the 19K price barrier. But to reach $31.8 billion, its 24-hour trading volume has increased by more than 14%. However, the initial decline in the price of bitcoin was reversed. As of the time of publication, it was trading at an average price of $19,317.<\/p>\n
Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?<\/p>\n
The last four hours have seen a liquidation of about $49 million in Ethereum, according to the Coinglass. While within the same time frame, Bitcoin had a liquidation of about $33 million. Solana (SOL) declared a liquidation of almost $3.43 million in the meantime.<\/p>\n
Inflation Highest In 40 Years<\/p>\n
According to reports, the June adjusted CPI annual rate was 9.1 percent. A projection of 8.80 percent was made. While the prior quarter\u2019s percentage was 8.60%. But it\u2019s said to be the biggest increase since November 1981.<\/p>\n
The cost of food and energy are reportedly the biggest contributors to the increase. The probability that the Fed will increase the rate by a further 75 basis points in September is extremely high. Nasdaq futures decreased by almost 1.5 percent, S&P 500 futures decreased by 1%, and Dow futures decreased by 0.6 percent.<\/p>\n
Suggested Reading |\u00a0Quant (QNT) Registers Gains In Past Days \u2013 A Short-Term Upswing In Place?<\/p>\n
Featured image from Shutterstock, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The US consumer price index, a comprehensive indicator of prices for goods and services used in daily life, increased to 9.1% over the previous year. The traditional and cryptocurrency markets have collapsed as a result of this announcement. Prices for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), fell by almost 5%. It didn\u2019t plummet as much, though, as was expected.<\/p>\n
Ethereum Fall To Inflation<\/p>\n
At the time of the CPI report, the price of the second-largest cryptocurrency fell as low as $1,019 per unit. Before the announcement, the price of ETH was fluctuating about $1,089 USD. It has managed to bounce back from the inceptive slump.<\/p>\n
The price of ethereum has decreased over the past 30 days by about 15%. At the time of publication, the average price of ETH is $1,037.<\/p>\n
ETH\/USD hovers close to $1k. Source: TradingView<\/p>\n
The data show that the price of bitcoin decreased to trade below the 19K price barrier. But to reach $31.8 billion, its 24-hour trading volume has increased by more than 14%. However, the initial decline in the price of bitcoin was reversed. As of the time of publication, it was trading at an average price of $19,317.<\/p>\n
Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?<\/p>\n
The last four hours have seen a liquidation of about $49 million in Ethereum, according to the Coinglass. While within the same time frame, Bitcoin had a liquidation of about $33 million. Solana (SOL) declared a liquidation of almost $3.43 million in the meantime.<\/p>\n
Inflation Highest In 40 Years<\/p>\n
According to reports, the June adjusted CPI annual rate was 9.1 percent. A projection of 8.80 percent was made. While the prior quarter\u2019s percentage was 8.60%. But it\u2019s said to be the biggest increase since November 1981.<\/p>\n
The cost of food and energy are reportedly the biggest contributors to the increase. The probability that the Fed will increase the rate by a further 75 basis points in September is extremely high. Nasdaq futures decreased by almost 1.5 percent, S&P 500 futures decreased by 1%, and Dow futures decreased by 0.6 percent.<\/p>\n
Suggested Reading |\u00a0Quant (QNT) Registers Gains In Past Days \u2013 A Short-Term Upswing In Place?<\/p>\n
Featured image from Shutterstock, chart from TradingView.com<\/p>\n
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