We all know the CPI has a big impact on the crypto market. Each time the US CPI is released, Bitcoin and other cryptocurrencies as well often fluctuate wildly. As reported by the Labor Department, the Consumer Price Index (CPI) in September rose 8.2% from the same last year and 0.4% from August. Although the CPI in September has fallen from its peak around 9% in June, it is still hovering near the highest levels within the past 40 years.
Last week, the Nonfarm Index or Non-Farm Payrolls was also released, showing that the unemployment rate in September was 3.5%, lower than the forecast of 3.7%. That proves the US economy has begun to recover, strengthening the US dollar. Both stock and crypto markets are plumbing because of these above news.
Bitcoin is trading around $18,400, at one point dropped to $18,200. ETH is trading at $1,222 but there was a time to drop to $1,190.
With the current situation, the Fed will probably continue to raise interest rates by 0.75% or even higher in the next adjustment on October 22. Last month, the Fed also hiked by 0.75%, leading to a sharp drop in BTC and ETH prices. The market gloom is likely to continue until the end of 2022.
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