Bitcoin and ether was trading significantly lower Tuesday night, as the global cryptocurrency market cap fell 7.5% to $986.4 billion as of 8:26 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -9.7% | 7.2% | $20,217.87 |
| ether ETH/USD | -7.8% | 0.9% | $1,577.62 |
| Dogecoins DOGE/USD | -6.3% | 1.5% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Terra classic (LUNK) | +21.8% | $0.00036 |
| TerraClassicUSD (USTC) | +6.3% | $0.04 |
| Terra (LUNA) | +5.2% | $4.23 |
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Why it matters: Major cryptocurrencies fell after the US work department published the inflation figures for August, which indicated that the consumer price index rose by 8.3% year-on-year.
Although inflation slowed from the 8.5% rise in July, it was above economists’ average estimate of 8%.
Stocks tumbled Tuesday, with the S&P 500 and Nasdaq down 4.3% and 5.2%, respectively. US stock futures are flat at the time of writing.
“Searing inflation triggered a sell-off in stock markets that’s also sweeping bitcoin,” he said Edward Moyaa senior market analyst OANDAaccording to a note from Benzinga.
“Hopes for a soft landing, the end of the Fed hike cycle and a resilient consumer are fading. Bitcoin’s plunge reminded traders that it remains the ultimate risky asset and is vulnerable if the stock market sell-off deepens.”
Justin Bennettwho had warned investors not to get “too comfortable” tweeted yesterday that the “writing on the chart” is for cryptocurrencies and stocks.
The writing was on the chart. $SPY $SPX $BTC $ETH #Stocks #cryptos https://t.co/X5vkR3St3X pic.twitter.com/h7TWBxh4um
— Justin Bennett (@JustinBennettFX) September 13, 2022
The trader warned that he thinks we haven’t seen the bottoms for bitcoin yet.
For the record, I still don’t think we’ve seen the lows
