Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. inflation report. Bitcoin fell by over $2,000 in the last 24 hours, as consumer prices fell by less than expected in the United States. Ethereum was also in the red, as the token dropped below $1,600.
Bitcoin (BTC) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report.
Following a peak of $22,673.82 on Tuesday, BTC/USD dropped to an intraday low of $20,062.67 earlier today.
Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the month prior.
However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.