Ethereum price dragged down below $2K as US inflation hits highest level since 1991

Ethereum price dragged down below $2K as US inflation hits highest level since 1991


Ether (ETH) perhaps had the most bullish outlook entering the July session, with a key technical update dubbed EIP-1559, promising to make its native token ETH scarcer through the network’s first-ever burning mechanism.

But so far into the month, the second-largest cryptocurrency by market cap has vastly tailed its top rival Bitcoin. The positive correlation was visible on July 13, following the New York opening bell, when Ether plunged below $2,000 to hit its two-week low in sync with Bitcoin, which slipped slipping below $32,500.

ETH/USD vs. BTC/USD on Coinbase. Source: TradingView

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As it happened, the ETH/USD exchange rate reached its intraday low of $1,961.10 following a 3.43% drop. The pair’s modestly bearish move locked step with Bitcoin, which apprehensively fell as traders assessed the latest U.S. inflation data.

The U.S. consumer price index ticked up 0.9% in June to hit 5.4% year-over-year, marking its highest level since 1991. Traders sold off Bitcoin and other cryptocurrencies on the news, pointing to fears that

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