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Bitcoin fell to its lowest since June on US inflation data


October, 13 2022
watermark Economic news

The bitcoin exchange rate fell by more than 4% during Thursday's trading after the publication of inflation data in the United States.


The daily minimum of the cryptocurrency was fixed at $18,161, which was the lowest price since mid-June. The current BTC quote paired with the dollar is $18,838. 


The pressure on the cryptocurrency today was exerted by a strong strengthening of the US currency after the release of inflation statistics. Consumer prices (CPI index) in September increased by 8.2% compared to the same month last year. Thus, inflation slowed to a minimum in seven months compared to 8.3% in August, but turned out to be higher than the 8.1% expected by analysts.


It is noted that higher-than-expected inflation increases the likelihood of another rate hike by 75 basis points at the next Fed meeting, which will be held on November 1-2.


The exchange rate of ether (Ethereum) also fell – by 6.6%, to $ 1,190 thousand. The rest of the digital assets from the top 10 also seemed to be in the red zone. The worst dynamics were demonstrated by Cardano (-9.7%), Solana (-7.8%) and XRP (-7.7%).


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.