• About
  • Coincu
  • Hot topics
  • Random
Saturday, February 4, 2023
CoinCu News
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
  • Reviews
    • Exchange Reviews
    • DeFi Reviews
    • GameFi Reviews
    • Others Reviews
  • Recommended
    • Best Presale Cryptocurrencies
    • Best Bitcoin Casinos
    • Best Bitcoin Gambling Sites
  • Video
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
  • Reviews
    • Exchange Reviews
    • DeFi Reviews
    • GameFi Reviews
    • Others Reviews
  • Recommended
    • Best Presale Cryptocurrencies
    • Best Bitcoin Casinos
    • Best Bitcoin Gambling Sites
  • Video
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
No Result
View All Result
CoinCu News
No Result
View All Result
Home Bitcoin

Bitcoin Sudden Drop As August CPI Data Releases

September 13, 2022
in Bitcoin
558
130
SHARES
4.3k
VIEWS
Share on Facebook

Ethereum Restaking EigenLayer Is Now Raising $50 Million In Series A Funding

ImmutableX Announcing Watch To Earn (W2E) As Its Whale Holdings IMX Tokens Gains 58%

The latest Consumer Price Index print was 20 basis points lower than last month’s 8.5% report, but it was above predictions of an 8.1% drop. However, Bitcoin went against the bullish outlook at the time the CPI data was released.
Bitcoin Sudden Drop As August CPI Data Releases

The Bureau of Labor Statistics released its latest Consumer Price Index report on Tuesday, showing that commodity prices rose 8.3% year-on-year in August. Data shows that US inflation is on the decline and this is the second month to record this.

Markets reacted to the report in typical panic mode. Futures for the S&P 500, Dow Jones, and Nasdaq all fell ahead of the start of the US market.

Bitcoin also fell sharply in response to the report, falling 4.4% to roughly $21,307 at press time.

Bitcoin Sudden Drop As August CPI Data Releases
BTC daily chart. Source: CoinCu

Ethereum suffered the most, falling 7.8% to about $1,613. The selloffs are most likely due to the print exceeding estimates of a 40 basis point fall.

Bitcoin Sudden Drop As August CPI Data Releases
ETh daily chart. Source: CoinCu

Inflation is a major concern for households in the United States and around the world this year as countries face widespread price increases. Last month’s CPI data showed the prospect of economic recovery but the market was contrary to belief.

Florida Chief Financial Officer Jimmy Patronis emphasized that “the Inflation Reduction Act didn’t reduce inflation.”

Just so we’re clear, the Inflation Reduction Act didn’t reduce inflation. Based on today's CPI report, inflation is UP. However, what Biden's law did do is create an army of 87,000 IRS personnel to go after small businesses in Florida. Apparently, Washington needs more money…

— Jimmy Patronis (@JimmyPatronis) September 13, 2022

Bitcoin, with a hard supply limit of 21 million, is frequently regarded as an inflation hedge. However, it has frequently demonstrated that at least this year, it trades in conjunction with traditional markets.

The Fed is also prepared to announce additional increases, as the extended period will be extremely challenging for the market in general and Bitcoin in particular. The upcoming FOMC meeting will most likely see strong price movement from the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

What Is Core Inflation And How Is It Calculated?

MEXC Review: Is It Safe Or Scam 2023?

My 6 Year Crypto Journey To Becoming A Day Trader

Bitcoin Soars To $18,000 Before December 2022 CPI Results

The US CPI Dips To 7.1%, The Market Responds Positively

The Market Is Sheltering To Wait For The CPI Results To Be Released

Tags: #BitcoinBTCCPIEthereummarketnasdaqpriceS&P 500US Inflation
Previous Post

Canada’s New Opposition Leader Is A Bitcoinist

Next Post

Crypto Market Highlights September 13, 2022

Other Posts

Bitcoin (BTC) Declines Despite Incredibly Strong Jobs
Bitcoin

Bitcoin (BTC) Declines Despite Incredibly Strong Jobs

February 3, 2023
Bitcoin (BTC) Could Reach $32,000 In 2024 Halving As It Now Is In Bottom
Bitcoin

Bitcoin (BTC) Could Reach $32,000 In 2024 Halving As It Now Is In Bottom

February 3, 2023
Nasdaq Is boosted By Bitcoin As The NCI Index Gains 38% In January
Bitcoin

Nasdaq Is boosted By Bitcoin As The NCI Index Gains 38% In January

February 3, 2023
Litecoin (LTC) Hit $100 As Dogecoin Gains 40% With Major Whale Transactions
Altcoins

Litecoin (LTC) Hit $100 As Dogecoin Gains 40% With Major Whale Transactions

February 2, 2023
ARK Invest Predicts Bitcoin Price To Hit $1 Million By 2030
Bitcoin

ARK Invest Predicts Bitcoin Price To Hit $1 Million By 2030

February 1, 2023
DeFi Altcoins Gain Strength Amid Crypto Pullback, Bitcoin Movement Acts As 2019 Pattern
Altcoins

DeFi Altcoins Gain Strength Amid Crypto Pullback, Bitcoin Movement Acts As 2019 Pattern

February 1, 2023
Next Post
Crypto Market Highlights September 13, 2022

Crypto Market Highlights September 13, 2022

  • Solana DeFi Everlend Finance Terminates Its App Due To Lack Of Money

    Solana DeFi Everlend Finance Terminates Its App Due To Lack Of Money

    140 shares
    Share 56 Tweet 35
  • Stronghold Digital Mining Posts Prospectus For Share Sale While It Works To Conserve Money

    119 shares
    Share 48 Tweet 30
  • Terra Classic Adopts New Proposal To “Re-Peg USTC With LUNC,” USTC Soars 30%

    112 shares
    Share 45 Tweet 28
  • Kraken Office In Abu Dhabi Is Now Closed, Affecting 8 Roles

    110 shares
    Share 44 Tweet 28
  • The Optimism Foundation Proposes To Upgrade The Optimism Mainnet On March 15

    112 shares
    Share 45 Tweet 28
Sovereign SDK: Solutions To Help Lower The Threshold For Using Zero-knowledge Technology

Sovereign SDK: Solutions To Help Lower The Threshold For Using Zero-knowledge Technology

February 4, 2023
CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023

CFTC Chairman Strengthens Regulation Of Cryptocurrency Trading In 2023

February 4, 2023
New Exchange GTX Of 3AC Founders Completed The Fundraising Plan

New Exchange GTX Of 3AC Founders Completed The Fundraising Plan

February 4, 2023
SBF's Emergent Fidelity Technologies Is The Latest Company To Declare Bankruptcy

SBF’s Emergent Fidelity Technologies Is The Latest Company To Declare Bankruptcy

February 4, 2023
WisdomTree Reports Fourth-quarter Loss Of $28.3 Million Net

WisdomTree Reports Fourth-quarter Loss Of $28.3 Million Net

February 3, 2023
Activision Blizzard Pays $35 Million SEC Fine For Allegations Of Workplace Misconduct

Activision Blizzard Pays $35 Million SEC Fine For Allegations Of Workplace Misconduct

February 3, 2023
Ethereum Restaking EigenLayer Is Now Raising $50 Million In Series A Funding

Ethereum Restaking EigenLayer Is Now Raising $50 Million In Series A Funding

February 3, 2023
Cosmos-based DEX Demex To Launch GLP Vault With No Withdrawal Fees

Cosmos-based DEX Demex To Launch GLP Vault With No Withdrawal Fees

February 3, 2023
ImmutableX Announcing Watch To Earn (W2E) As Its Whale Holdings IMX Tokens Gains 58%

ImmutableX Announcing Watch To Earn (W2E) As Its Whale Holdings IMX Tokens Gains 58%

February 3, 2023
Mango Markets Hacker Denied Bail And Charged With 3 Criminal Offenses Of Commodities Fraud

Mango Markets Hacker Denied Bail And Charged With 3 Criminal Offenses Of Commodities Fraud

February 3, 2023
  • Live Prices
  • Binance
  • NFT
  • Solana
  • Metaverse
  • Polygon
  • Coinbase
  • Trending
  • LuxWorld
  • CryptoLinks

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

No Result
View All Result
  • Coincu
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Metaverse News
    • NFTs News
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
  • Reviews
    • Exchange Reviews
    • DeFi Reviews
    • GameFi Reviews
    • Others Reviews
  • Recommended
    • Best Presale Cryptocurrencies
    • Best Bitcoin Casinos
    • Best Bitcoin Gambling Sites
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Video
  • Live Prices

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In