Bitcoin decreases by less than $19,000 after the latest U.S. inflation report

Bitcoin decreases by less than $19,000 after the latest U.S. inflation report

October 14, 2022: -On Thursday, Cryptocurrency costs declined to new October lows after crucial U.S. inflation data evolved hotter than expected.

The price of bitcoin decreased 4% to $18,388.00, and ether skimmed 6% to $1,216, according to Coin Metrics.

Cryptocurrencies have traded side since August, with bitcoin flowing within $19,000. That’s been a critical level to watch for analysts, who say a break below it could lead to recent lows below those in June when bitcoin dropped below $17,800, and ether decreased under $900.

On Thursday, Prices dropped after the consumer price index for September showed a much better-than-anticipated increase in inflation despite the aggressive rate hikes the Federal Reserve has brought into play to combat the cost increases.

“Markets don’t tend to embrace high inflation numbers because they usually lead to further rate hikes,” said Steve McClurg, chief investment officer at Valkyrie assets. “Given what we know about Powell’s stated goal right now and the fact that we are in what appears to be a deep recession, it makes sense that we’d be down today.”

“We firmly believe that markets still have not yet reached a bottom and that there’s still likely another 10-15 percent leg down for digital assets, and even more for equities,” he added.

Crypto equities decreased with digital asset prices. Coinbase lost about 11%, Microstrategy dropped 8%, and Silvergate Bank dropped about 7%.

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