Bitcoin Falls 11% In 5 Days: Cryptocurrencies Turning Red Again, US CPI Gains 9.1%

In the last 5 days, Bitcoin has fallen sharply by 10.77%. On July 13, till 2.10 pm UTC, Bitcoin was quoted at US$ 19,256.30 surging by 0.19%. The said crypto coin has also gained by 14.39% in the last 1 month. Yesterday, the asset closed at US$ 19,301.50.

Apart from Ether, Other cryptocurrencies are also following the same trend today. Ether was quoted at US$ 1,041.03, gaining by 0.36%. Yesterday, the asset closed at US$ 1,037.33. Litecoin was quoted at US$ 47.22, gaining sharply by 0.13%, Dogecoin was quoted at US$ 0.0589 falling by 1.75%, and Cardano was quoted at US$ 0.4119 falling by 1.14% today.

The cryptocurrencies have been falling for the past few days expecting hot US CPI Inflation data, which has been published to be at a 9.1% surge (YoY) in June. This means that the US Fed will again be much hawkish to surging the interest rate leading to a higher interest rate. This year already Bitcoin fell around 60%. Since January the fall has been noticed, again after the US Fed started to hike the interest rate, crypto coins started to plunge significantly.

According to a CoinDesk report, Toroso Investments' Michael Venuto told them, "We're just climbing a wall of worry. We lack regulation, for clarity, to help get the institutional money in we are dealing with; a Fed that is no longer accommodative. We've got deleveraging of all things. And then we've got a whole bunch of trusted third parties that came in to help people access to crypto markets, and as usual, they shouldn't have been trusted."