As a result of last week’s remarkable surge, Bitcoin is now seeing one of its largest drops in recent months. After starting the week at $18,742, the coin’s price jumped to a staggering $22,537 on September 14, a gain of 15% over its September 7 low. Since the market bottomed in June, this rally has been its strongest. Bitcoin’s steep 14 percent correction during the crash almost entirely nullified this gain. Bitcoin’s value dropped from $22,536 to $19,735 in the space of just two days. Bitcoin’s link to the S&P 500 Index is blamed for the recent decline in its value. The Consumer Price Index report had been released by the US government a few days ago. The data indicated that year-over-year inflation increased from 8.1% to 8.3%. The global financial markets were rocked by this report. Related Reading: Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests Bitcoin Shaken By CPI Data After the report was released, the stock and cryptocurrency markets both felt the pain. The overall financial market followed the S&P 500’s lead and dropped 200 points. After a drop in the index, crypto markets went into a tailspin as well. Similar to the drop of 2972 points in the index, the price of bitcoin fell. A sell-off in the cryptocurrency market was caused by this crash. The decline is the result of more than just this report, though. The US Federal Reserve is considering boo...
Tether Treasury Mints $1 Billion in $USDT
