Crypto markets fell sharply on Tuesday following an August Consumer Price Index (CPI) Report showing hot ອັດຕາເງິນເຟີ້ ຈໍານວນ.
Bitcoin dropped roughly 6% from 12:30 p.m. UTC, with ETH falling almost 8% in the same timeframe. Cardano (ADA) is down nearly 9% in the last 24 hours, with Solana close behind at 6.76%. The crypto market cap dipped 5.9% in the last 24 hours.
According to crypto influencer BIBI, Bitcoin lost $1,000 in 1 minute following the announcement of inflation numbers.
The drop has erased bitcoin and ether gains accrued over the last two weeks, fed in part by bullish sentiment surrounding the upcoming ການລວມ Ethereum slated for later this week and the ເປີດຕົວ of a new ETH options product from CME Group.
Before the announcement, bitcoin had touched a month-long high of $22,764.49.
Stock market suffers same fate
The stock market did not fare any better following the release of CPI Numbers. Notable stocks such as Microsoft (MSFT), Google (GOOG), and Apple (AAPL) all saw price drops of over 4%, with one trader referring to the sea of red stocks as a “stock picker’s market again”
Source: https://beincrypto.com/crypto-sell-off-deepens-after-hot-inflation-report/