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. 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? 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 mi...