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Crypto witnessed another sharp sell-off on Tuesday as risk-on assets reacted negatively to the latest US inflation data.
In cryptocurrencies, Bitcoin (BTC) fell nearly 10% below $21,000. Losses across crypto have reduced market capitalization across the sector by more than 5%, pushing him to $1.5 trillion in total.
Daily chart of BTC/USD showing sharp drop in price after CPI data. sauce: TradingViewAs shown in the chart above, Bitcoin has traded to a low of $20,427 per unit on major crypto exchange coinbases.
The situation is not much different on Wall Street, and traditional financial markets are experiencing a similar downward trend. The S&P 500 is down more than 3% of him and the Nasdaq is down 4% of him.
The Dow Jones Industrial Average fell more than 900 points, or 3%, at around 14:25 ET.
On Tuesday, the U.S. Bureau of Labor Statistics released its latest consumer price index (CPI) reading for August, showing data that prices rose 8.3% year-on-year last month. The price rose 0.1% in a month, higher than the expected YoY of 8.1%, and fell 0.1% in a month.
The market reaction to the data comes as the US Federal Reserve is expected to raise interest rates by another 75 basis points next week. Commenting on the print, CNBC’s Steve Liesman said 75 bps is now “written in red.”
Fed Erases 75 Basis Point Rate Hike Written in Pencil, Writes in Red Ink @Steve Liesman About the latest CPI data. “We’re definitely moving to 75 people at this point because they didn’t get the help they were looking for.” pic.twitter.com/zcHJ0LpOR8
Squawk Box (@SquawkCNBC) September 13, 2022
Returning to the cryptocurrency market, the key event to watch this week is the highly anticipated Ethereum Merge, which analysts say could lead to increased volatility not just for ETH, but most other cryptocurrencies. says.
