Cryptocurrency Prices Today: Bitcoin Plunges 9%, ETH Down 7.6% Over US Inflation Figures
Bitcoin fell 9.58 per cent to $20,361, while Ethereum (ETH) went down by 7.6 per cent to $1,600 on Wednesday evening.
The global crypto market capitalisation fell by 7.12 per cent to $996.9 billion, even as the total crypto market volume increased by 15.4 per cent to $98.7 billion in the last 24 hours, as of 4:30 pm, according to Coinmarketcap.com.
Today’s top gainer was Celsius, and it was trading at $1.76. It increased by 19.21 per cent in the last 24 hours. The top loser was Terra LUNA, which was trading at $2.95 with a 33.4 per cent decrease in the last 24 hours.
“Bitcoin and crypto assets plunged upon the release of the US August CPI print, as the 8.3 per cent Inflation print exceeded economists’ expectations of 8.1 per cent, while still marking a 20 basis point decline against July’s numbers. This could suggest that the ‘inflation has peaked narrative’ may have been slightly premature, as the consensus in the market is that the Fed (US Federal Reserve) will most probably hike rates by 75 bps this September 21 on the next FOMC meeting,” CoinDCX Research Team told Outlook Money.
“The crypto market cap looks poised to retest the $1 trillion level on the backdrop of more negative macroeconomic data, as crypto prices have become intertwined with other risk assets as the correlation between crypto and equities continues to be extremely tight,” it added.
Bitcoin (BTC): Bitcoin fell by 9.58 per cent, and it was trading at $20,361. Its market cap decreased by 9.5 per cent to $389.9 billion, and its trading volume increased by 11.1 per cent to $48.4 billion. BTC’s dominance over the crypto market decreased by 1.06 per cent to 39.12 per cent.
Ethereum (ETH): Ethereum fell by 7.6 per cent to $1,600, and its market cap decreased by 7.6 per cent to $195.8 billion. Its trading volume increased by 37.2 per cent to $16.7 billion.