Bitcoin (BTC) prices have fallen below $ 20,000 following the news that US inflation has reached its highest point in 40 years.
According to the latest statistics released by the US Bureau of Labor Statistics, the consumer price index for June 2022 was 9.1%, up from 8.6% recorded in May 2022.
The latest statistics confirm that inflation is rising at an alarming rate in the United States and around the world.
Bitcoin crashes for less than $ 20,000
According to CoinGecko dataAs of 13:06 GMT, Bitcoin prices have fallen by more than 3% and hourly candles have bottomed out at $ 19,255.Ethereum (ETH) is also not excluded as its value drop It increased by about 4% at 13:06 GMT and bottomed out at $ 1033.
According to Coinglass, Bitcoin’s total liquidation over the last 24 hours has exceeded $ 85 million, of which more than $ 30 million has occurred in the last four hours. data.
Meanwhile, some investors expected rising inflation and took a short position against Bitcoin.
Shorts are stacked prior to today’s CPI release.
BITI recorded the second highest daily net inflow since its launch yesterday. This corresponds to daily growth with short-term exposure to 715 BTC, and BITO recorded a quiet day.
Yesterday, both BITI and BITO BTC-equivalent exposures reached the new ATH. pic.twitter.com/0A4s5Fps98
— Vetle Lunde (@VetleLunde) July 13, 2022
Traditional market indicators like NASDAQ haven’t worked.according to data On the official website, the present value of the market is down about 1% against the present value of 11,264. The market hit a high of 11,483 earlier today.
Another hiking rate offshore?
With new evidence that US inflation hasn’t shrunk, analysts predict that the Federal Reserve could raise interest rates by another 75 basis points in September.
Federal Reserve Chairman Jerome Powell previously Said Banks need to see “convincing evidence” that inflation is slowing, as “more surprises may await”.
According to the bank’s chairman, the evidence should be “a series of monthly inflation declines.”
US President Joe Biden Called He states that current inflation is “unacceptably high” and does not reflect recent improvements.
CZ, Sailor reacts
“9.1% inflation is magically low,” Binance CEO Changpeng Zhao said in inflation news.
Read many times that 80% of the US dollars in circulation over the last two years have been printed. If that’s correct (it seems so from the chart 👇) …
Inflation of 9.1% is magically low. How did they manage it?
»M1 | St. Louis Federal Reserve Bank https://t.co/6JwKbIHmcM
— CZ 🔶 Binance (@cz_binance) July 13, 2022
According to the CZ, 80% of the US dollar in circulation over the last two years has been printed, so inflation should rise by 500%.
“It’s only a matter of time before the world discovers 1 BTC = 1 BTC,” said Michael Saylor, CEO of MicroStrategy, chilling Bitcoin.
The US dollar CPI’s annual inflation rate is + 9.1%, and other currencies continue to weaken against the dollar. Year-over-year USDAUD is + 10%, USDGBP is + 16%, USDEUR is + 17%, USDJPY is + 24% and USDTRY is + 102%. It is only a matter of time before the world discovers 1BTC = 1BTC. pic.twitter.com/40VWgP9j9U
— Michael Saylor ⚡️ (@saylor) July 13, 2022
