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America's Inflation Hits High! What about Bitcoin and others

Navigasi - America has just published inflation data on July 13, 2022 at 19.30 WIB and managed to create high volatility in the crypto market and other risky assets. This is because the inflation rate has reached a new high of 9.1%, driven by the rising prices of basic goods.

America's Inflation Hits High! What about Bitcoin and others
America's Inflation Hits High! What about Bitcoin and others


It was reported that this increase in inflation occurred along with the increase in the prices of basic goods. Especially the price of oil. Therefore, it is rumored that the Central Bank of America will continue to increase its benchmark interest rate in order to reduce the money supply.

This condition will bring volatility to all risk assets including crypto assets, so there is a possibility that even though the crypto price is currently rising, sideways movement or consolidation in the long term will continue.

The price of bitcoin is down 70% from an all-time high in November of close to $69,000. Bitcoin is the largest digital asset in the world.

America's Inflation Soars, Eight Big Cap Cryptos Slump Many experts warn of a "crypto winter." Similar events have occurred between 2017 and 2018.

Eight big cap cryptocurrencies such as bitcoin and ethereum also plummeted ahead of America's inflation announcement in June. The details are based on CoinMarketCap data on Wednesday (13/7) at 12.00 WIB as follows:

Bitcoin (BTC) down 2.21% to $19,497 per chip Ethereum (ETH) down 3.26% to $1,055 per coin Cardano (ADA) 3.87% Solana (SOL) 2.24% Dogecoin (DOGE) 2.85% XRP fell to US$ 0.314 to US$ 0.305. "Only stablecoins Tether (USDT) and Binance USD (BUSD) are still moving green," said Tokocrypto's press statement, Wednesday night (13/7).

Even so, the prices of some of them rose again as of 11.37 WIB today (14/7). The breakdown is as follows: Bitcoin up 3.46% Ethereum 5.38% Binance Coin 3.93% XRP 2.57% Solana 4.45% Binance USD -0.04% Cardano 3.09% Dogecoin 1.21% Shiba Inu 3.7%