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    Home » Market Updates » Bitcoin Crashes Towards $20K on Inflation (CPI) Numbers: Market Watch

    Bitcoin Crashes Towards $20K on Inflation (CPI) Numbers: Market Watch

    Author: Jordan Lyanchev

    Last Updated Sep 15, 2022 @ 08:44

    Several alternative coins have charted double-digit losses, while bitcoin briefly slipped below $22,000.

    Although the US CPI data was quite close to the estimated target, it still had a vigorous effect on BTC’s price, which dumped towards $20,000.

    The alternative coins are also deep in the red, with Solana – yesterday’s top performer – slumping by double digits today.

    Bitcoin Dips to $20K

    The past several days were going quite well for the primary cryptocurrency. The asset had tumbled to $18,500 in the middle of last week but began its gradual recovery almost immediately.

    As such, it spiked above $20,000 before the working week’s end and jumped to $22,000 during the weekend. Even more gains came on Monday and Tuesday as it charted a multi-week high above $22,600.

    This is where the landscape changed as the US announced an inflation rate of 8.3% for the month of August. This was just 0.2% higher than the estimations, but bitcoin reacted with a sudden price dump.

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    The asset lost the $22,000 line and slumped even lower. As a result, it briefly dipped below $20,000 (on Bitstamp) earlier today for the first time in a week.

    As of now, it stands just north of that coveted level, but its market capitalization has plummeted way below $400 billion, and its dominance over the altcoins has declined by 1% in a day.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins Deep in Red

    Most altcoins were doing just fine lately, but the US CPI numbers brought them down as well.

    Ethereum, ahead of the upcoming Merge, jumped above $1,700 and remained there for several days. However, the second-largest crypto plunged by more than 6% in the past 24 hours and now struggles to maintain $1,600.

    Similar daily nosedives are evident from Binance Coin, Ripple, Cardano, Polkadot, Dogecoin, Shiba Inu, Polygon, and Tron. Solana, on the other hand, has dumped by over 11% in a day from $40 to $33.

    The situation with the lower- and mid-cap alts is quite identical. ATOM, NEAR, APE, and FLOW have emerged as today’s biggest losers with double-digit declines.

    The crypto market cap has seen over $70 billion gone in a day, and the metric is now down below $1 trillion.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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