Seeking Alpha
2022-02-10 14:58:04

Bitcoin gets smacked after hotter-than-expected CPI print

Bitcoin (BTC-USD) rejected $45K and turned negative immediately after headline consumer price inflation rose to its highest level in 40 years. Following the stronger-than-expected CPI print, bitcoin (BTC-USD) dropped as much as $1K per token in less than five minutes, recently changing hands at $43.8K. Looking at the entire digital asset ecosystem, the global crypto market cap is also slipping about 2% in the past 24 hours, with ethereum (ETH-USD -1.4%) down to $3.1K, and binance coin (BNB-USD -0.7%), ripple (XRP-USD -3.8%), cardano (ADA-USD -1.0%), terra (LUNA-USD -2.7%) and avalanche (AVAX-USD -1.7%), all trading in net negative territory. Crypto-related stocks are trading primarily in the red, including: MGT Capital Investments (OTCQB:MGTI -1.1%), Riot Blockchain (RIOT +0.4%), Coinbase Global (COIN -2.3%), Bitfarms (BITF +0.5%), BIT Mining (BTCM), Bakkt (BKKT -5.4%) and Silvergate (SI +1.4%). CleanSpark (CLSK +9.1%) is an exceptional gainer following robust first-quarter results. Note that Gold (XAUUSD:CUR) also slipped to about

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.