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    Home » Market Updates » Bitcoin’s Volatility on US Inflation Reports and Stacks’ STX 33% Explosion (Market Watch)

    Bitcoin’s Volatility on US Inflation Reports and Stacks’ STX 33% Explosion (Market Watch)

    Author: George Georgiev

    Last Updated Mar 11, 2022 @ 16:05

    Bitcoin’s price went through some massive volatility on the report of February’s CPI numbers, but this failed to produce a directional change, and BTC remains at around $39K.

    The past 24 hours were once again filled with considerable volatility, although it failed to result in any significant directional change for Bitcoin and the majority of altcoins. The market is pretty much where it was yesterday, but there were some notable events.

    Bitcoin’s Volatility Fails to Produce Directional Change

    Bitcoin’s price might have calmed down at around $39,000 – at the time of this writing – but this doesn’t mean that there was no volatility.

    Yesterday – March 10th – the US Bureau of Labor Statistics released the numbers for the Consumer Price Index, and it clocked in at 7.9% – the highest in decades. The CPI is widely used to gauge inflation, although many claim that actual numbers are much higher. In any case, the report usually ends up causing serious volatility in the markets, and this time was no exception.

    As CryptoPotato reported, the BTC price went from $39K to $40.3K, and then it crashed to $38,500 in a matter of minutes, creating a vicious hourly candle.

    img1_btchart
    Source: TradingView

    While the move left over $44 million liquidated positions in less than an hour, it failed to result in any considerable directional change. Bitcoin’s price is still chopping around $39,000.

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    Stacks (STX) Soars 33%

    All in all, the broader cryptocurrency market is where it was yesterday, and there are no major moves from top altcoins, as seen in the heatmap below.

    heatmap
    Source: Quantify Crypto

    However, STX – the native cryptocurrency of the Stacks ecosystem – skyrocketed by more than 30% in the past 24 hours. This came as a result of the news that OKCoin will provide considerable financial support to the project. It also made STX the best performer in the past 24 hours, followed by Kadena’s KDA (22%) and RUNE (16.4%).

    On the other end of the spectrum, we have AR that’s down 9% and SNX that’s down about 8%.

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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

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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