While Inflation Hits 9.1%, Bitcoin & Ethereum Plummets! More Bottom Ahead?

The US consumer price index (CPI) data has been revealed, which stands at 9.1% from 2021. The data has made a major impact on both the traditional and crypto market. The two main drivers of the crypto market, Bitcoin and Ethereum, have tumbled down along with major other cryptocurrencies.

Once the CPI results were out, the lead altcoin, Ethereum, had bottomed around $1,019. However, right now the currency has recovered as it is selling around $1,088 with an increase of 1.84% in the last 24hrs.

Over the last one month, Ethereum price has seen a dip of around 15%. On the other hand, though Bitcoin has lost its $20,000 price levels, the flagship currency’s trading volume has surged by 14% trading at $31.8 billion. At the time of writing, Bitcoin is changing hands at $19,823.

The data from Coinglass states that the liquidation of Ethereum has hit $49 million over the last 4 hours whereas Bitcoin’s liquidation stands at $33 million during the same time. Also Solana (SOL) has recorded $3.43 million liquidation.

Inflation Hits 9.1% For June

As per the expectations, the CPI figures were supposed to be around 8.80%, but in reality, the CPI turned out to be 9.1% for the month of June, 2022. The last quarter was around 8.60%.

The cost of food and fuel are apparently the biggest contributors to the surge. The probability that the Fed will increase the rate by a further 75 basis points in September is extremely high. Nasdaq futures decreased by almost 1.5%, S&P 500 futures declined by 1%, and Dow futures plummeted by 0.6%.