Key inflation data in the United States in June was just released by the Bureau of Labor Statistics on Wednesday, highlighting among many things that consumers are paying much more for basic necessities including food and gas.
Per the released data, the consumer price index (CPI) shot up by 9.1%, the highest since November 1981, surpassing the 8.6% recorded for the month of May. While the inflation rate as expected outgrow the estimates from the Dow Jones pegged at 8.8%, investors are responding with fright as many are unsure of where the Federal Reserve will tilt towards in its next FOMC meeting.
High-risk assets like Bitcoin (BTC) dropped by 3.38% immediately after the data were published with Ethereum (ETH) also dropping 4.49% within the same timeframe. For the better part of this year, Bitcoin has shown a very close correlation with key American indices like the Nasdaq Composite, and today’s fall can be tagged as the ripple effect in the plunge of the futures tied to both the...
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