Bitcoin Falls Sharply By 7.40% To US$20,745: Higher Than Expected US Inflation

The cryptocurrency market is under pressure today, after the publication of US inflation data for August. Today, on September 13, at 6.18 pm UTC, Bitcoin fell by 7.40% intra day, and was quoted at US$ 20,745. Yesterday, Bitcoin closed at US$ 22,402.60. Today, the US Bureau of Labor Statistics stated that the US Consumer Price Index - Urban (CPI-U) increased by 0.1% in August on a seasonally adjusted basis after being unchanged in July. Over the last 1 year, all items index surged 8.3% before the seasonal adjustment. August's data has been better in terms that the US inflation stood at 8.5% in July. However, analysts expected that inflation will 8.1% in August. So, higher-than-expected inflation data pulled the crypto market down.

In the last 5 days, Bitcoin gained by 7.52%. In the past 1 month, it has dropped by 15.08%. Additionally, in the past 6 months, Bitcoin plunged by 45.08%. Other large cryptocurrencies are also showing mostly a downward trend today. Ethereum was quoted at US$ 1,619.39, down by 5.68%. Yesterday, Ether closed at US$ 1,764.13. Litecoin was quoted at US$ 61.72, down by 0.44%, Dogecoin was quoted at US$ 0.0602 up by 5.78%, and Cardano was quoted at US$ 0.4737 down by 5.59% today, till last traded.

"The leading cryptocurrency rose to $22,600 during Asian trading hours, marking its highest price since Aug. 19 and representing a 21% gain in seven days", a CoinDesk data noted.