Bitcoin (BTC) briefly lost $20,000 support overnight into Sep. 14 after hot United States inflation sent risk assets crashing lower.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMarkets lose big in bid to “fight the Fed”
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The move came amid a stocks rout triggered by Consumer Price Index (CPI) inflation data for August coming in above expectations.
Despite still being lower than July, the market had hoped for a quicker cooling of inflation more broadly and hence the chance of a quicker loosening of policy by the Federal Reserve.
With that prospect now appearing slim, equities indexes hemorrhaged value, with Apple losing $154 billion — the sixth-biggest daily