BTC slides to nearly $28K in minutes after US inflation data is published
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Answer BTC slides to nearly $28K in minutes after US inflation data is published
Bitcoin plunged below $30,000 on Wednesday, minutes after higher-than-expected US inflation data emerged in April.
Bitcoin price is down more than 6% from its intraday highs, falling to $29,100.
Other major cryptocurrencies also turned negative and red.
The price of Ethereum is now down about 9%, while Binance and Ripple are trading down 14% and 18%, respectively.
Reflecting the sharp decline of bitcoin in US stock futures, which all turned negative after data showed the US Consumer Price Index (CPI) rose 8.3% in April, above expectations of 8.1%.
US consumer price index data is still high:
she was data The CPI is lower than March’s reading of 8.5%, indicating that inflation is nearing its peak.
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The higher inflation reading also means that the US Federal Reserve and other central banks will continue to raise interest rates this year which is a decidedly negative scenario for the cryptocurrency markets.
The US CPI data brought on a huge amount of anxiety among traders as the figure shows that inflation is not close enough to calm.
Looking at the numbers, it appears that not only the Fed will need to do more to control inflation but the Biden administration also needs to do more.
Bitcoin was already under pressure after the Federal Reserve raised interest rates last week.
Inflation has risen this year after a long period of loose monetary policy.
The economic shocks from the Russo-Ukrainian war also exacerbated this problem.
Making matters worse for the crypto market was the collapse of Project LUNA and its stablecoin, UST.
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The company “MicroStrategy” clarifies about the risk of liquidating Bitcoin on its loan from “Silvergate”
Here’s what happened to LUNA and why it crashed below $10?
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