Bitcoin blasted to $20,000 as the US CPI Forecast for the Crypto Market Rattles in August

Bitcoin blasted to $20,000 as the US CPI Forecast for the Crypto Market Rattles in August ...

A strong US consumer price index (CPI) print for August increased short-term Treasury rates, which increased the US Dollar and sent the crypto market spiralling. As things stand, Bitcoin has dropped by more than 8 percent over the last 24 hours, with its price now reaching over the $20,000 mark (roughly Rs. 15.94 lakh) mark across international markets, while Indian exchanges like CoinSwitch and CoinDCX valued BTC at $22,084 (roughly Rs. 17.6 lakh) and 5.19 percent lower than those reported

Bitcoin''s price is $20,348 on global exchanges like CoinMarketCap, Coinbase, and Binance, according to CoinGecko data. BTC''s value is still 8% higher than it was last Tuesday.

Despite the enthusiasm for the ''Merge'' due over the next few days, Ether is valued at $1,751 (roughly Rs. 1.4 lakh) across Indian exchanges. The cryptocurrency''s value is valued at $1,615 (roughly Rs. 1.28 lakh), a decline from 5.22 percent in the past 24 hours.

The cryptocurrency''s value is falling for the first two days of the week, but it remains higher than it was last week, according to CoinGecko data. The world''s second-largest cryptocurrency asset is still valued at 3.3 percent higher than it was last week.

The cryptocurrency price tracker for Gadgets 360 shows that most major altcoins had a similar flaw to the fresh US CPI data. The worldwide crypto market capitalization also saw a drop of 6.18 percent until late Tuesday and early Wednesday.

Polkadot, Cosmos, Solana, Cardano, Polygon, TRON, Uniswap, Monero, Avalanche, Chainlink, and BNB all suffered significant losses in the last 24 hours.

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Memecoins Shiba Inu and Dogecoin both followed the majority of altcoins with losses to show for it. Dogecoin is currently valued at $0.06 (roughly Rs. 4.82) after losing 4.6 percent in value over the last 24 hours, while Shiba Inu is currently valued at $0.000012 (roughly Rs. 0.00098), down 3.63 percent over the previous day.

"Bitcoin and crypto assets have fallen as the US CPI print was released, which surpassed economists'' expectations of 8.1 percent, while still marking a 20 basis point decline compared to July''s figures. This might suggest that the inflation has peaked narrative may have been somewhat premature as investors consider the Federal Reserve to increase its share rate this September 21st.

The result of the volatility ended up in about $104 million (roughly Rs. 829 crore) worth of crypto liquidations within an hour in the immediate aftermath of the announcement marking the removal of over-leveraged speculative positions in the market. The crypto market cap is expected to retest the $1 trillion (roughly Rs. 79,69,409 crore) level as crypto prices have become intertwined with other risk assets, according to CoinDCX.

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