Red Hot Inflation Tumbles Ethereum By 5%

2022-7-14 02:17

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’t plummet as much, though, as was expected.

Ethereum Fall To Inflation

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.

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.

ETH/USD hovers close to $1k. Source: TradingView

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.

Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?

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.

Inflation Highest In 40 Years

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’s percentage was 8.60%. But it’s said to be the biggest increase since November 1981.

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.

Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?

Featured image from Shutterstock, chart from TradingView.com

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Источник: newsbtc.com

previous increased → Результатов: 60

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mined bitcoin increase rate hash driven 303

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2020-4-7 12:10	BTC/USD
resistance close previous above safely long 355

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2020-4-9 13:45	News
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deposits ethereum eth platforms previous high increased

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2019-11-8 01:18	News
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2019-7-27 10:00	Tech
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2019-6-26 00:30
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2019-4-26 21:14	Investing
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2019-3-30 23:28	Mining
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2019-3-11 22:30	Crypto
crypto adoption report don say residents know

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2019-3-8 18:48	#tokens
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Moonday Mornings: Banks hate Malta, crypto CEO crashes Lambo

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2019-3-4 12:49	hard fork
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2019-3-1 22:00
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Crypto Money Laundering Cases in Japan Dramatically Shoots Up 10-Fold

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2019-2-28 16:41	Japan
cases money crypto laundering agency transactions shoots

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2019-2-15 19:18	Technical
bitcoin users size block luke-jr node limit

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2019-1-17 12:55
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Bitcoin trading volume is 2.5 times larger than last year

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2018-12-6 16:33	Crypto Journal
year bitcoin volume trading times larger dollars

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2018-11-22 17:06	Exchanges
crypto awareness market remain exchanges profit irrespective

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Bitcoin Price Analysis: Another Red Day Pushes BTC Into Deeper Support Test

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2018-11-20 02:27	Investing
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Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

For the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9. 1%, the largest inflation increase in the US in the previous 40 years.

Ethereum: Proposed ETH Inflation Rate is Lower Than That of Post-Halving Bitcoin

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2022-7-14 02:17

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