Bitcoin and Ethereum prices rose briefly before plummeting again following the release of U.S. inflation figures. It was reported that the consumer price index (CPI) in the U.S. increased by 9.1% year-over-year. This is the highest increase in 40 years.
Bitcoin initially rose above $20,000 before falling to $19,046 at the time of the report. The bitcoin price moved to $20,257.39 in the last hour.
On the Ethereum side, the price rose to $1,100 before falling slightly. Currently, the price is 6.58% higher at $1,114.17.
The crypto market is under constant pressure following the collapse of the Terra blockchain in May and a liquidity crisis for crypto lending platforms that stopped payments and filed for bankruptcy in June.
The U.S. Bureau of Labor Statistics reported that the CPI rose 9.1% in June from a year earlier. This is the highest level in 40 years. The figure is also higher than the 8.6% increase in
Bitcoin investors should keep an eye on the volatility index of Bitcoins which reacts every time the Fed raises interest rates to curb inflation. Therefore, it is necessary to keep an eye on the crypto market price movement again after the Fed rate meeting.
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