Bitcoin And Ethereum Tank Following Disclosure Of U.S. CPI

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U.S. Bureau of Labor Statistics; Photo Source: Investopedia

Earlier today, the U.S. Bureau of Labor Statistics disclosed the Consumer Price index (CPI). The data revealed that inflation in the U.S. climbed to a 40-year high, sending ripples throughout the crypto and fiat markets.

Following the announcement, Bitcoin dropped below the previous support of $19K. It is worth noting that during the last month, Bitcoin hinged around the $19,000 mark. 

Analysts claim that Bitcoin may drop to the $17.6K mark, thus tanking by over 8%. As of writing this article, Bitcoin is priced at $18,943, with a 0.85% loss in the last 24 hours.



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Similarly, Ethereum’s pricing also saw a sharp decline and dropped to a low of $1209. It is currently priced at $1256, down by 3.23% within the last 24 hours.

The same trend was observed for altcoins Ripple, Solana and Cardano. 

Economists speculate that the rise in inflation could force the Federal Reserve to raise the interest rates by 75 points.

Written by
Ayush Pande

Earlier today, the U.S. Bureau of Labor Statistics disclosed the Consumer Price index (CPI). The data revealed that inflation in the U.S. climbed to a 40-year high, sending ripples throughout the crypto and fiat markets.

Following the announcement, Bitcoin dropped below the previous support of $19K. It is worth noting that during the last month, Bitcoin hinged around the $19,000 mark. 

Analysts claim that Bitcoin may drop to the $17.6K mark, thus tanking by over 8%. As of writing this article, Bitcoin is priced at $18,943, with a 0.85% loss in the last 24 hours.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Similarly, Ethereum’s pricing also saw a sharp decline and dropped to a low of $1209. It is currently priced at $1256, down by 3.23% within the last 24 hours.

The same trend was observed for altcoins Ripple, Solana and Cardano. 

Economists speculate that the rise in inflation could force the Federal Reserve to raise the interest rates by 75 points.

Written by
Ayush Pande