Bitcoin, Ethereum and other cryptocurrencies continued to plummet after the latest consumer price index report was released.
The consumer price index, which measures the prices of dozens of daily consumer goods, was reported to have risen by 7.5% from a year ago, as reported by the Labor Department just now.
This inflation reading far surpasses the Dow Jones budget by 7.2% for January. This January reading is the highest reading since February 1982. Regardless of gas and grocery prices, the CPI reading increased by 6% from an estimated 5.9%.
Less than 30 minutes after the CPI report was released, the price of BItcoin fell more than $ 1,600, while Ethereum dropped more than $ 150, a 5% drop overnight.
Other cryptocurrencies, including Solana, Cardano, as well as Dogecoin and Shiba Inu also experienced similar price drops. In less than an hour the market capitalization of Bitcoin has fallen over $ 30 billion dollars.
The crypto market is not the only market affected by inflation data. The futures stock market on Wall Street also suffered a similar fate. The surge in inflation not only worried investors, it also affected the income growth seen by workers last year. This is increasingly troubling as consumers cannot afford the rising cost of living.
At the time of writing, the Bitcoin price is trading at the trading level of $ 43,861.33.
