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Bitcoin and ether fell in reaction to US inflation statistics.

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Investors that expected a sharper increase in inflation sold their assets.

Following the release of dismal inflation numbers on Tuesday, hazardous asset markets saw a precipitous decline.

The consumer price index (CPI) for August showed a price rise of 8.3%, which was higher than the projected 8.1 percent.

Core inflation of 6.3% was substantially higher than expected (6.1% increase) since it does not include food and energy costs.

Shortly after the news emerged, the price of bitcoin (BTC) fell, falling by approximately 5% within the hour of 12:00 UTC when the inflation data was disclosed.

Bitcoin (BTC) has risen 9% in the previous week. The volume of transactions was seven times its 20-day average. Bitcoin’s market cap has fallen below $21,000.

The price of ether (ETH) fell 6.27 percent in the hour beginning at 12:00 UTC and 7.5% in the hour just finished.

Additionally, volume was above average for the cryptocurrency that holds the second-place spot in terms of market value.

ETH’s price dip corresponds with the impending Merge upgrade, which will move the cryptocurrency from proof-of-work to proof-of-stake. 15 September is the deadline.

Today’s inflation numbers are due. The FOMC may hike rates more forcefully at its next meeting due to higher-than-expected inflation.

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