Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

For the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation. Negative CPI Report Causes Bitcoin To Tumble Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility. According to the latest CPI report for June, inflation in the United States reached 9.1%, which is the highest level since November 1981. This news only served to accelerate the downward trend in Bitcoin and the cryptocurrency market. Following the release of the CPI, BTC falls by around 4% within ten minutes. Traditional market gauges like the S&P 500, Dow Jones, and NASDAQ are all sharply lower. According to TradingView data, Bitcoin is currently trading at $19,180, down 3.45% on the day and 4.70% for the past week, with a total market cap of $366 billion. Notably, the flagship digital asset lost $15 billion from its market capitalization, dropping from $379.91 billion to $364.55 billion. Bitcoin market cap at $374 Billion. Source: TradingView The CPI for the previous month revealed an increase in inflation of 8.6% year over year, the highest level since 1981. The Fed implemented quantitative...