According to the Consumer Price Index Figures report, US inflation has dropped from 8.5% in August to 8.3% as of right now. Bitcoin and Ethereum prices both changed in response to the news.
The price of bitcoin dropped -6.3 percent, from $22,778 to $21,388 after this report was made public on September 13 at 7:30 PM EST. The cost of Bitcoin decreased as well today.
Today's price of Bitcoin decreased. the TradingView website. When BTC reached its lowest point on September 14, 2022, at 4:00 WIB, it had dropped by 12.8 percent from $22,778 to $19,869.
Prices of ETH Fall Ahead of The Merge!
Ahead of the Tea Merge tomorrow, the US inflation data also caused the price of ETH to decrease. Based on information from Coinmarketcap, Ethereum is currently trading below $1,700 at $1,600.98 after losing 6.72 percent at 10:56 EDT over the previous 24 hours.
According to Cryptoriefing, even though the price of ETH is falling, many traders and investors are confident that after The Merge, the price of this asset created by Vitalik Buteri will rise again.
Prior to that, it eventually recovered more than 100% in July and August and briefly surpassed $2,000 on August 15, 2022.
"Sell The News" Rumors Ahead of The Merge?
According to Crypto Briefing, Starkiller Capital's chief investment officer, Leigh Drogen, has warned of a possible flow of "sell the news" following the 8.3% CPI announcement."At the moment, the market is not very good and it could be even worse if there is a lot of macro volatility. The reason is from the CPI announcement information, "he said.
Another statement was also made by the co-founder of BitMex, namely Arthur Hayes, who argued that the news of The Merge could lead to "sell the news" rumors.
Conclusion
The US inflation rate has dropped from 8.5% in August to 8.3% as of right now, according to the Consumer Price Index Figures report. The news caused the price of Bitcoin and ETH to decrease.
ETH is currently trading below $1,700 after losing 6.72 percent over the past 24 hours. Analysts warn of a possible flow of "sell the news" rumors ahead of The Merge.
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