Major Bitcoin and Ethereum Volatility as US Inflation (CPI) Clocks in at 8.3%

The Consumer Price Index numbers for August are in, and, as always, this caused major volatility within the cryptocurrency markets.

At the time of this writing, Ethereum, as well as Bitcoin, are charting initial declines.

The US Bureau of Labor Statistics just updated the numbers for the Consumer Price Index for August and they are slightly above expectations.
The August inflation locked in at 8.3%, which is 0.2% higher than what experts expected. This represents a 0.1% month-over-month increase.
At the time of this writing, Bitcoin is trading at $21,850, down about $1,000 in the past few minutes alone, as seen in the chart below.

Source: TradingView via Binance

Meanwhile, Ethereum is also trading below $1,700.
The volatility has also resulted in about $50 million worth of liquidated positions in the past hour alone.

The post Major Bitcoin and Ethereum Volatility as US Inflation (CPI) Clocks in at 8.3% appeared first on CryptoPotato.

Related Posts

South Carolina treasurer goes on Bitcoin ‘fact-finding trip’ to El Salvador

The state official reportedly used his own funds to pay for the trip, which included discussing Bitcoin with government officials and exploring financial literacy programs. Curtis Loftis,…

Kardashian’s EthereumMax Lawsuit Turns Against SEC Chair

Earlier this week, the U.S. Securities and Exchange Commission (SEC) charged and settle a lawsuit with socialite and billionaire Kim Kardashian for allegedly withholding information about promoting…

US Job Openings Plummet- What Does It Mean for Bitcoin?

The number of new job openings in the US markets decreased by 6.2%. What is in store for the U.S. markets and Bitcoin? It is the 2nd…

Bitcoin Price at Generational Bottom With Institutions Buying en Masse

Crypto analyst Cred opines that bitcoin may have hit a generational bottom, presenting a good buying opportunity for long-term holders. On Oct. 5, 2022, Fidelity Investments purchased…

3 Easy Ways to 10x Your Bitcoin and Ether in October

Whether crypto is now on the path towards recovery or faces a wintery “Septembear”, you can still make a profit from your digital currency relatively easily. Here…

Big Eyes Coin and Axie Infinity – Which NFT-Based Cryptocurrency Has Greater Potential In The Market?

A brand-new NFT-based cryptocurrency called Big Eyes coin (BIG) will be released into the market, and if its pre-sale is any indication, it’s going to rock the…

Generated by Feedzy