The Consumer Price Index data for the month of August has just been released and as usual it has impacted the market with great volatility.
At the time of writing, the crypto market has been affected by the CPI report. The price of Bitcoin has fallen sharply. Initially, the market was optimistic that the price of BTC would break through $23K, where the figure was seen as a sign of bullish momentum for BTC.
The report just now showed that the CPI or CPI for the month of August exceeded expectations. Inflation in August recorded a growth reading of 8.3%, which is 0.2% higher than expert expectations. This represents a 0.1% month-on-month increase.
At the time of writing the price of Bitcoin has fallen to 21,430.03, a decrease of 4% in 24 hours. While Ethereum fell almost 8% to trade at $1,611.00 Losing $50 million in the past hour.
Investors will focus on the Ethereum combination where the event will last for another 2 days. Investors may also take into account the technical difficulties of the merger. The merger will shift Ethereum's consensus mechanism from Proof of work to Proof of stake. The task requires a lot of technical precision. If anything happens, the price of Ethereum will plummet.
