Home CryptoCurrency News Red Hot Inflation Tumbles Ethereum By 5%
CryptoCurrency News - July 14, 2022

Red Hot Inflation Tumbles Ethereum By 5%

The US consumer price index, a comprehensive indicator of prices for goods and services used in daily life, increased to 9.1% over the previous year. The traditional and cryptocurrency markets have collapsed as a result of this announcement. Prices for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), fell by almost 5%. It didn’t plummet as much, though, as was expected.

Ethereum Fall To Inflation

At the time of the CPI report, the price of the second-largest cryptocurrency fell as low as $1,019 per unit. Before the announcement, the price of ETH was fluctuating about $1,089 USD. It has managed to bounce back from the inceptive slump.

The price of ethereum has decreased over the past 30 days by about 15%. At the time of publication, the average price of ETH is $1,037.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!


ETH/USD hovers close to $1k. Source: TradingView

The data show that the price of bitcoin decreased to trade below the 19K price barrier. But to reach $31.8 billion, its 24-hour trading volume has increased by more than 14%. However, the initial decline in the price of bitcoin was reversed. As of the time of publication, it was trading at an average price of $19,317.

Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Get 110 USDT Futures Bonus for FREE!

The last four hours have seen a liquidation of about $49 million in Ethereum, according to the Coinglass. While within the same time frame, Bitcoin had a liquidation of about $33 million. Solana (SOL) declared a liquidation of almost $3.43 million in the meantime.

Inflation Highest In 40 Years

According to reports, the June adjusted CPI annual rate was 9.1 percent. A projection of 8.80 percent was made. While the prior quarter’s percentage was 8.60%. But it’s said to be the biggest increase since November 1981.

The cost of food and energy are reportedly the biggest contributors to the increase. The probability that the Fed will increase the rate by a further 75 basis points in September is extremely high. Nasdaq futures decreased by almost 1.5 percent, S&P 500 futures decreased by 1%, and Dow futures decreased by 0.6 percent.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?

Featured image from Shutterstock, chart from TradingView.com


Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Not The 2018 Bear Market, Bitcoin Price Could Hit $20,000 In December

The Bitcoin price rebounded off the low of its current range and retraced its weekend loss…