Bitcoin fell by almost 10% per day

The flagship cryptocurrency bitcoin has fallen in value by 9% in just 24 hours — at the time of writing, BTC is trading for $ 20,363.

With the drop in bitcoin’s exchange rate, its total market capitalization has also decreased, which now stands at $ 390.17 billion. According to analysts, the decline in the value of CTS is related to the publication of new data on the Consumer Price Index (CPI) — inflation in the US increased by 0.6%, which negatively affects both traditional and cryptocurrency markets.

Such information has repeatedly caused a massive surge in asset volatility. The last time the consumer price index data was much higher than public expectations — on July 13, inflation in the United States was 9.1%, the highest in 40 years — it caused BTC to fall below $ 19,000.

In addition to BTC, altcoins have also fallen over the past day, including ETH, which is worth $ 1600, down 7%. The hardest hit cryptocurrency was Solana, which lost 13% of its value; at the time of writing, SOL is trading at $ 33.46.

Earlier, crypto experts named 2 events that will significantly affect the situation on the cryptocurrency market. The first, the publication of CPI data, has already taken place. The second, the transition of Ethereum to the PoS consensus mechanism, is less than a day away, so investors are advised to be cautious and monitor market sentiment. The Merge will take place on September 15 at 04:30 Kyiv time. According to cryptocurrency experts, The Merge will be the most important milestone in the development of the blockchain in history. It is worth noting that the merger will lead to a sharp Binance-ogolosyla-datu-pryzupenennya-operaczij-z-kryptovalyutoyu-ethereum/">reduction in the production of new ETH coins.