Bitcoin Präis verléisst $1K an 3 Minutten wéi d'US CPI Inflatioun iwwerschratt

Bitcoin (BTC) crashed below $22,000 instantly on Sept. 13 after United States inflation data failed to meet estimates. 

CPI print sparks major crypto rout

Daten vum Cointelegraph Mäert Pro an TradingView showed BTC/USD swiftly falling $1,000 after Consumer Price Index (CPI) inflation for August came in at 8.3% year-on-year.

The consensus was that 8.1% would be the latest figure, and the overshoot suggested that inflation was not slowing at the expected pace.

US CPI for August YoY coming in above expectations at 8.3% (expected 8.1%) but lower than in July with 8.5%.

MoM Kär CPI kommen an waarm bei
0.6% duebel sou héich wéi déi erwaart 0.3%.

Net wat d'Fed wëll gesinn.

Also 75bps ass et op der nächster Versammlung?

— Jan Wustenfeld (@JanWues) September 13, 2022

Nonetheless, versus July, year-on-year growth was still down 0.2%, preserving the overall trend of slowing CPI inflation.

This was not enough to avoid a crypto rout, however, and at the time of writing, Bitcoin was below $21,500, down 4% on the day.

As market participants fräi bets on a further 75-basis-point and even a 100-point rate hike from the Federal Reserve next week, cold feet were increasingly noticeable ahead of the Wall Street open.

This is just a test of the real

- il Capo Of Crypto (@CryptoCapo_) September 13, 2022

“Lots of volatility around these events and a ton of fake-outs do happen,” Michaël van de Poppe, founder and CEO of trading firm Eight, geäntwert.

“Remind yourself that and avoid excessive trading. Right now, lows are taken and some consolidation seems to be happening.”

The U.S. dollar index (DXY) strength, which traditionally means headwinds for crypto, saw a flash rebound on the CPI news, passing 109 for the first time since Sept. 9.

Ethereum wobbles as Merge hype fades

On altcoins, pain for Ether (ETH) continued as existing weakness was compounded by Bitcoin’s dip.

Verbonnen: Bitcoin an Altcoins ginn op d'Säit, awer zukünfteg Makro-Evenementer kéinten d'Rallye kapéieren

Trotz allem the incoming Merge event, ETH/USD and ETH/BTC both extended losses as the largest altcoin by market cap failed to capitalize on surrounding hype.

“Even with the CPI print, this was always an area of resistance,” popular trader Altcoin Sherpa reagéiert.

“Heavy interaction w. this level over the last year, it’s still an area to take caution.”

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